US Market gains on earnings optimism

The US share market finished session higher on Tuesday, 19 April 2022, as investors chased for bargain hunting following recent selloff as well as earning optimism after better than expected first quarter earnings from Johnson & Johnson.

At the close of trade, the Dow Jones Industrial Average index advanced 499.51 points, or 1.45%, to 34,911.20. The S&P500 index was up 70.52 points, or 1.61%, to 4,462.21. The tech-heavy Nasdaq Composite Index inclined by 287.30 points, or 2.15%, to 13,619.66.

Advancing stocks outnumbered declining ones on the NYSE exchange by 2269 to 1060 and 122 closed unchanged. In the NASDAQ, 3346 issues advanced, 1336 issues declined, and 253 issues unchanged.

Total 10 of 11 major S&P 500 sector indexes advanced, with top performing issues were consumer discretionary (up 2.91%), real estate (up 2.12%), communication services (up 2.07%), information technology (up 1.84%), and industrials (up 1.81%).

Among the best performers in the index were gaming companies, with Wynn Resorts Inc, Caesars Entertainment Inc and Penn National Gaming Inc gaining between 4.9% and 5.9%.

Johnson & Johnson advanced 3.1%, as the drugmaker's reported better than expected first quarter earnings and raised its dividend payout.

ECONOMIC NEWS: Commerce Department released a report showing housing starts rose by 0.3% to an annual rate of 1.793 million in March after spiking by 6.5% to a revised rate of 1.788 million in February. The Commerce Department said building permits also climbed by 0.4% to an annual rate of 1.873 million in March after slumping by 1.6% to a revised rate of 1.865 million in February.

Among Indian ADR, Wipro added 0.72% to $6.95, HDFC Bank rose 0.59% to $54.57, Dr Reddy's Labs added 0.29% to $55.48, ICICI Bank rose 2.05% to $19.95, WNS Holdings added 1.66% to $84.75, and Azure Power Global added 4% to $15.88. Tata Motors fell 1.26% to $28.19 and INFOSYS fell 0.68% to $20.42.

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