US Stocks extend gain ahead of midterm elections

The US stock market finished higher for second straight session on Monday, 07 November 2022, after spending much of the session bouncing back and forth across the unchanged line. The rally on the Wall Street propelled by bargain buying in tech, communication, energy, and industrial stocks.

However, market gains capped as investors seemed reluctant to make significant moves ahead of the U.S. midterm elections on Tuesday and the release of consumer price inflation data on Thursday. The midterm elections will determine whether Democrats maintain control of Congress, while the inflation data would give clues about how much the U.S. Federal Reserve's rapid interest rate hikes are helping cool down the economy.

At the close of trade, the Dow Jones Industrial Average index advanced 423.78 points, or 1.31%, to 32,827. The S&P500 index added 36.25 points, or 0.96%, to 3,806.80. The tech-heavy Nasdaq Composite Index increased 89.27 points, or 0.85%, to 10,564.52.

Meta Platforms Inc shares jumped over 6% following a report that the company was planning to begin large-scale layoffs this week. The stock has slumped more than 70% so far this year.

Walgreens Boots Alliance advanced 4.1% after the drugstore chain affiliate VillageMD agreed to acquire Summit Health-CityMD, a leading provider of primary, specialty and urgent care, for approximately $8.9 billion.

Among Indian ADR, INFOSYS was up 1.4% at $18.58, Tata Motors added 2% to $26.96, HDFC Bank added 1.9% to $64.31, Wipro added 2.1% to $4.82, ICICI Bank rose 0.8% to $22.61, and Dr Reddy's Labs added 1.3% to $56.31. WNS Holdings fell 0.2% to $83.11 and Azure Power Global fell 0.4% to $5.51.

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