US Stocks fall on profit booking

The US stock market finished session lower on Thursday, 13 August 2020, as investors elected to book profit after hitting 6-month highs yesterday. Meanwhile, selloff fuelled further on concern over a stalled US economic relief deal and as weekly jobless claims dipped below 1 million for the first time in four months, though they remain at historically high levels.

At closing bell, the Dow Jones Industrial Average declined 80.12 points, or 0.29%, to 27,896.72. The S&P 500 index was down 6.92 points, 0.2%, to 3,373.43. The tech-heavy Nasdaq Composite Index rose 30.27 points, 0.27%, to 11,042.50.

Initial claims for state unemployment benefits decreased to 963,000 for the week ended Aug. 8, the lowest level since mid-March but the expiration of a $600 weekly jobless supplement at the end of July likely contributed to the decline. Data last week showed the economy has regained only 9.3 million jobs of the 22 million jobs lost between February and April, indicating that it faces a long road to reach pre-pandemic levels.

ECONOMIC NEWS: US Jobless Claims Below 1 Million For First Time Since March- US initial jobless claims tumbled to 963,000 in the week ended August 8th, a decrease of 228,000 from the previous week's revised level of 1.191 million, a report released by the Labor Department on Thursday showed. With the much bigger than expected decrease, jobless claims dropped below 1 million for the first time since the week ended March 14th.

Among Indian ADR, Azure Power Global added 0.23% to $21.45, Vedanta inclined 0.3% to $6.61, Wipro rose 1.9% to $4.29, Tata Motors added 4.06% to $8.72, WNS Holdings added 0.24% to $66.25, and INFOSYS grew 0.16% to $12.78. Dr Reddys Labs fell 0.33% to $60.70 and ICICI Bank shed 0.3% to $10.08. HDFC Bank was flat at $47.15.

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