US Stocks end mostly lower on profit booking

The US stocks finished session lower after fluctuating between gains and losses on Wednesday, 17 June 2020, as investors elected to book recent profit amid concerns over a second wave of coronavirus infection and escalating geopolitical tensions pertaining to the Korean Peninsula against signs that the economy is recovering.

At closing bell, the Dow Jones Industrial Average fell 170.37 points, or 0.65%, to 26,119.61. The S&P 500 index dropped 11.25 points, or 0.36%, to 3,113.49. The tech-heavy Nasdaq Composite Index added 14.66 points, or 0.15%, to end at 9,910.53.

Investors chose to secure gains following the market sharp rise the previous day as concerns over a resurgence of coronavirus cases in some countries. Investors were monitoring disturbing coronavirus trends in several US states, including Florida and Texas, as well as a new outbreak in China and rising deaths in Brazil and India.

Investors were also rattled by escalating geopolitical tensions pertaining to the Korean Peninsula after North Korea demolished an inter-Korean liaison office and rejected an offer by South Korea to send special envoys, vowing to send troops back to the border.

However, market losses capped after official data showed that mortgage applications surged 4% last week and were up 21% from the year-ago period, indicating a strong bounce-back for the housing market and US consumers.

Among Indian ADR, INFOSYS added 2.3% to $9.33, Dr Reddys Labs added 0.7% to $53.44, Wipro added 0.6% to $3.37, and ICICI Bank grew 0.22% to $8.98, while Vedanta fell 2.03% to $5.30, WNS Holdings declined 1.09% to $54.34, and Tata Motors dropped 1.9% to $6.19. HDFC Bank ended flat at $42.72

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