US: NASDAQ, S&P 500 climbs to new high

The US stock market finished session higher on Thursday, 24 June 2021, with the Nasdaq and the S&P 500 climbed to new record highs, as risk sentiments boosted up after Labor Department report showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended June 19th and after President Joe Biden announcement a bipartisan deal on infrastructure spending.

At the close of trade, the Dow Jones Industrial Average index advanced 322.58 points, or 0.95%, to 34,197. The S&P 500 index added 24.65 points, or 0.58%, at 4,266. The tech-heavy Nasdaq Composite Index added 97.98 points, or 0.69%, to 14,370.

Total 9 of 11 S&P 500 sectors closed up, with financials (up 1.21%) sector was top gainer, followed by energy (up 0.85%), communication services (up 0.81%), industrials (up 0.77%), and information technology (up 0.64%) sectors, while real estate (down 0.45%) was top loser, followed by utilities (down 0.1%).

ECONOMIC NEWS: US Jobless Claims Drop To 411,000- US initial jobless claims edged down to 411,000 in the week ended June 19th, a decrease of 7,000 from the previous week's revised level of 418,000, a report released by the Labor Department on Thursday showed. Meanwhile, the report said the less volatile four-week moving average crept up to 397,750, an increase of 1,500 from the previous week's revised average of 396,250.

US Durable Goods Orders Recover 2.3% In May- US durable goods orders surged up by 2.3% in May after falling by a revised 0.8% in April, according to a report released by the Commerce Department on Thursday. The rebound in durable goods orders came as orders for transportation equipment bounced back, spiking by 7.6% in May after plunging by 6.6% in April. Orders for non-defense aircraft and parts soared by 27.4% in May after skyrocketing by 31.5% in the previous month. The report also showed a rebound in orders for motor vehicles and parts, which jumped by 2.1% in May after plummeting by 8.1% in April.

US GDP Spikes 6.4% In Q1- US real gross domestic product climbed 6.4% in the first quarter, Commerce Department reported on Thursday. The unrevised growth came as upward revisions to non-residential fixed investment, private inventory investment, and exports were offset by an upward revision to imports, which are a subtraction in the calculation of GDP. The surge in GDP in the first quarter reflected an acceleration from the 4.3% jump seen in the fourth quarter of 2020. The strong first quarter GDP growth reflected increases in consumer spending, non-residential fixed investment, federal government spending, residential fixed investment, and state and local government spending. Meanwhile, the positive contributions were partly offset by decreases in private inventory investment and exports as well as an increase in imports.

Among Indian ADR, Tata Motors added 0.36% to $22.49, Dr Reddys Labs was down 0.57% to $70.99, Wipro added 1.03% to $7.87, HDFC Bank added 0.46% to $74.73, and ICICI Bank added 1.71% to $17.23. INFOSYS added 2.42% to $21.19, WNS Holdings added 2% to $80.98, and Vedanta added 0.22% to $13.77.

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