US Market rebounds on bargain hunting

The US stock market finished higher for the first time in three consecutive sessions on Thursday, 02 December 2021, as investors chased for bottom fishing on heavily battered shares. All S&P sectors advanced, with shares of economically sensitive sectors such as financials, realty, and industrials being notable gainers.

At the close of trade, the Dow Jones Industrial Average index advanced 617.75 points, or 1.82%, to 34,639.79. The S&P500 index rose 64.06 points, or 1.42%, to 4,577.10. The tech-heavy Nasdaq Composite Index gained 127.27 points, or 0.83%, to 15,381.32.

Total volume turnover on U.S. exchanges stood at 10.78 billion shares, down from yesterday's 12.07 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 2520 to 870 and 122 closed unchanged. In the NASDAQ, 2998 issues advanced, 1647 issues declined, and 205 issues unchanged.

All 11 S&P500 sectors ended up, with energy (up 2.85%) was best performing sector, followed by financials (up 2.83%), real estate (up 2.67%), materials (up 1.98%), and utilities (up 1.22%) sectors.

Boeing shares surged on reports that China'a aviation authority has cleared the 737 Max to return to flying and Jet Airways India are in talks with Boeing and Airbus to purchase at least 100 narrowbody jets.

ECONOMIC NEWS: US Initial Jobless Claims Rebound To 222K- US initial jobless claims rose to 222,000 in the week ended November 27th, an increase of 28,000 from the previous week's revised level of 194,000, the Labor Department reported on Thursday, from the 199,000 originally reported for the previous week. The modest increase came after jobless claims tumbled to their lowest level since 1969 in the previous week, although the drop was partly attributed to the later timing of Thanksgiving this year throwing off the seasonal adjustment.

Among Indian ADR, WNS Holdings rose 3.56% to $86.28, Wipro rose 3.8% to $8.75, INFOSYS rose 4.46% to $23.44, Azure Power Global added 0.35% to $20.09, and Dr Reddys Labs added 1.43% to $62.40. HDFC Bank added 1.3% to $67.16, ICICI Bank added 0.92% to $18.69, and Tata Motors rose 2.21% to $31.97.

Powered by Capital Market - Live News