US NASDAQ climbs to all-time highs

The US stock market finished higher for second day in row on Tuesday, 22 June 2021, with the NASDAQ Composite hitting an all-time high, as US Federal Reserve chair Jerome Powell signalled a patient approach to eventually scaling back the central bank's monetary policy support.

At the close of trade, the Dow Jones Industrial Average index advanced 68.61 points, or 0.2%, to 33,946. The S&P 500 index inclined 21.65 points, or 0.51%, at 4,246. The tech-heavy Nasdaq Composite Index added 111.79 points, or 0.79%, to 14,25.

Total 9 of 11 S&P 500 sectors closed up, with consumer discretionary (up 1.04%) sector was top gainer, followed by information technology (up 0.9%), communication services (up 0.76%), energy (up 0.67%), and materials (up 0.3%), while utilities (down 0.7%) sector was top loser, followed by real estate (down 0.4%).

Federal Reserve Chairman Jerome Powell continued to reiterate that the recent increase in inflation will likely prove temporary. Speaking before Congress on Tuesday afternoon, Mr. Powell said the central bank will wait for actual inflation to take root before raising interest rates.

On the U.S. economic front, the National Association of Realtors released a report showing existing home sales slid by 0.9 percent to an annual rate of 5.80 million in May after tumbling by 2.7 percent to a rate of 5.85 million in April. Existing home sales have plummeted by 12.9 percent since January but are still up by 44.6 percent compared to May of 2020.

Among Indian ADR, Tata Motors added 0.35% to $22.68, Dr Reddys Labs was down 0.07% to $71.69, Vedanta fell 2% to $13.72, Wipro added 1.6% to $8.07, HDFC Bank fell 0.6% to $74.77, and ICICI Bank fell 1.05% to $17.05. INFOSYS added 1.12% to $20.76 and WNS Holdings sank 0.2% to $79.72.

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