US Stocks climbs to record on corporate results

Wall Street saw mixed fortunes on Thursday, 21 October 2021, with the S&P500 and the Nasdaq indexes rising to a record closing high, while the Dow Jones index eased from record highs. The continued strength on Wall Street came due to encouraging earnings news and better than expected initial jobless claims data.

At the close of trade, the Dow Jones Industrial Average index eased marginal 6.26 points, or 0.02%, to 35,603.08. The S&P500 index added 13.59 points, or 0.3%, to 4,549.78. The tech-heavy Nasdaq Composite Index grew 94.02 points, or 0.62%, to 15,215.70.

Total volume turnover on U.S. exchanges stood at 9.16 billion shares. In the NYSE exchange, 1547 issues advanced, 1735 issues declined, and 143 issues closed unchanged. In the NASDAQ, 2262 issues advanced, 2243 issues declined, and 213 issues unchanged.

Total 7 of 11 sectors ended up along with the S&P500 index, with consumer discretionary (up 1.38%) was top gaining sector, followed by healthcare (up 0.44%), information technology (up 0.41%), and real estate (up 0.36%), while energy (down 1.8%) was worst performing sector, followed by financials (down 0.35%).

Shares of Tesla closed higher after the electric car maker reported better than expected third quarter results, despite the company warning of supply-chain hurdles.

Shares of HP Inc. posted a strong gain after the personal computer and printer maker provided upbeat fiscal 2022 guidance and raised its dividend.

Shares of IBM Corp. declined after reporting weaker than expected third quarter revenues as its managed infrastructure business suffered from a decline in orders..

Snap Inc shares plunged after reported weaker than expected results. The owner of the Snapchat app was weighed down by Apple Inc.'s new data collection restrictions and their effect on digital advertising measurements.

ECONOMIC NEWS: The Labor Department released initial jobless claims data on Thursday, showing that first-time claims for U.S. unemployment benefits unexpectedly slipped to 290,000 in the week ended October 16th, a decrease of 6,000 from the previous week's revised level of 296,000.

The National Association of Realtors report released on Thursday showed that existing home sales spiked by 7% to an annual rate of 6.29 million in September after slumping by 2% to a rate of 5.88 million in August

Among Indian ADR, Wipro fell 1.2% to $9.63, INFOSYS fell 3% to $23.41, Dr Reddys Labs dropped 2.44% to $61.55, Vedanta fell 2.68% to $18.15, and WNS Holdings fell 2.25% to $84.29. ICICI Bank added 0.6% to $20.09, HDFC Bank added 0.2% to $77.70, and Tata Motors added 3.7% to $33.57.

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