US Market gains on positive economic data

The US stock market finished higher for second straight session on Wednesday, 22 December 2021, as better than expected consumer confidence and GDP growth data lifted up risk sentiments.

At the close of trade, the Dow Jones Industrial Average index advanced 261.19 points, or 0.74%, to 35,753.89. The S&P500 index added 47.33 points, or 1.02%, to 4,696.56. The tech-heavy Nasdaq Composite Index grew 180.81 points, or 1.18%, to 15,521.89.

Total shares volume turnover on U.S. exchanges stood at 7.82 billion shares, down from yesterday's 9.06 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 2489 to 873 and 146 closed unchanged. In the NASDAQ, 2928 issues advanced, 1754 issues declined, and 270 issues unchanged.

All 11 major S&P 500 sector indexes advanced, with top performing issues were consumer discretionary (up 1.73%), information technology (up 1.3%), healthcare (up 1.17%), and real estate (up 1%).

Housing stocks gained on following strength among housing starts after the National Association of Realtors released a report showing existing home sales climbed to a ten-month high in November.

ECONOMIC DATA: US GDP Surges By 2.3% In Q3- US real GDP surged by 2.3% in the third quarter, reflecting an upward revision from the previously estimated 2.1% jump, according to revised data released by the Commerce Department on Wednesday. The stronger than previously estimated growth primarily reflected upward revisions to consumer spending and private inventory investment. A downward revision to exports limited the upside. Despite the upward revision, the GDP growth in the third quarter still reflects a significant slowdown from the 6.7% spike in the second quarter. The Commerce Department said the slowdown in the pace of GDP growth came as consumer spending increased by 2% in the third quarter after soaring by 12% in the second quarter.

Separately, the Conference Board data showed consumer confidence index climbed to 115.8 in December from an upwardly revised 111.9 in November.

Among Indian ADR, HDFC Bank advanced 0.6% to $63.51, WNS Holdings added 1.1% to $85.43, INFOSYS added 1.3% to $24.53, ICICI Bank added 2.4% to $19.37, Tata Motors rose 3.7% to $31.50, and Azure Power Global added 0.05% to $19.15. Dr Reddys Labs added 0.86% to $62.12. Wipro rose 1.2% to $9.41.

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