US Stocks end at records

The US stocks climbed to records on Monday, 28 December 2020, with all three indexes the S&P 500 index, the Dow Jones Industrial Average, and the technology-heavy Nasdaq Composite settled new closing highs, after President Donald Trump signed a Covid-19 aid bill, averting a government shutdown and ending uncertainty about the rollout of the spending package.

At the close of trade, the Dow Jones Industrial Average index advanced 114.32 points, or 0.38%, to 30,129.83. The S&P 500 index was up 2.75 points, or 0.07%, to 3,690.01. The tech-heavy Nasdaq Composite Index declined 36.80 points, or 0.29%, to 12,771.11.

The strength on Wall Street came in reaction to news that President Donald Trump reversed course on Sunday by signing a $2.3 trillion government spending bill that includes approximately $900 billion in coronavirus relief funds, heading off a potential government shutdown and setting the stage for Democrats in Congress to push for more robust $2,000 direct payments to millions of Americans. Mr. Trump's signing of the $900 billion bill paves the way for the government to make direct payments to American households as the surging coronavirus pandemic continues to disrupt business and social activity. Investors expect that the additional spending will help cushion the economy amid restrictions put in place by states and local authorities to manage Covid-19 are spread in the winter.

Among Indian ADR, HDFC Bank added 1.51% to $70.60, INFOSYS rose 1.02% to $16.77, Vedanta rose 0.92% to $8.76, Azure Power Global added 8.12% to $39.40, ICICI Bank added 1.93% to $14.26, and Tata Motors grew 5.93% to $12.50. Dr Reddys Labs shed 0.01% to $70.42, Wipro fell 0.36% to $5.58, and WNS Holdings sank 0.74% to $71.44.

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