US Market rebounds on bargain hunting

The US stock market finished higher for the first time in four consecutive sessions on Thursday, 20 May 2021, with bargain hunting providing a boost on optimism about a global economic recovery from the pandemic after a drop in US initial jobless claims, offsetting inflation worries and fears about possible shift in future monetary policy.

At the close of trade, the Dow Jones Industrial Average index advanced 188.11 points, or 0.55%, to 34,084. The S&P 500 index was up 43.44 points, or 1.06%, at 4,159. The tech-heavy Nasdaq Composite Index added 236 points, or 1.77%, to 13,536.

Total 10 out of 11 S&P 500 sectors closed higher, with information technology (up 1.87%), communication services (up 1.67%), realty (up 1.34%), healthcare (up 1.04%), consumer discretionary(up 0.95%), and utilities (up 0.82%) sectors being notable gainers.

ECONOMIC NEWS US Initial Jobless Claims Continue To Hit Fresh Pandemic Lows- US initial unemployment claims fell to 444,000 in the week ending May 15th, down from a revised 478,000 claims in the previous week, data released by the Labor Department Thursday morning showed. The much bigger than expected decrease in jobless claims makes the number the lowest since the week ended March 14, when it had dropped to 256,000.

Among Indian ADR, Tata Motors added 1.53% to $21.17, Dr Reddys Labs was up 0.5% to $72.56, INFOSYS added 1.14% to $18.65, WNS Holdings added 4.67% to $74.14, and Wipro added 1.2% to $7.56. ICICI Bank fell 0.12% to $17.22, Vedanta fell 0.07% to $15.13, and HDFC Bank fell 0.22% to $73.39.

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