US Stocks gain on solid jobs data

The US stock market finished volatile session with strong gains on Friday, 04 November 2022, as risk sentiments underpinned after nonfarm payrolls data painted a picture of a U.S. economy that is creating jobs. Meanwhile, growing speculation that China is on the verge of emerging from COVID-19-induced economic lockdowns helped drive stock higher.

At the close of trade, the Dow Jones Industrial Average index advanced 401.97 points, or 1.26%, to 32,403.22. The S&P500 index added 50.66 points, or 1.36%, to 3,770.55. The tech-heavy Nasdaq Composite Index increased 132.31 points, or 1.28%, to 10,475.25.

For the week, the Dow slumped by 1.4%, the S&P 500 tumbled by 3.4% and the Nasdaq plunged by 5.7%.

All 11 S&P500 sectors advanced, with material sector leading rally with gains of 3.4%, followed by communication services (up 1.76%), information technology (up 1.67%), and industrials (up 1.6%) sectors.

ECONOMIC NEWS: Nonfarm payrolls rose by 261,000 while the jobless rate ticked upward to 3.7% from 3.5% in September, according to the US Bureau of Labor Statistics' report released on Friday.

Among Indian ADR, INFOSYS was up 0.8% at $18.33, Tata Motors added 4.4% to $26.44, HDFC Bank added 2% to $63.11, Wipro added 3.1% to $4.72, ICICI Bank rose 1.5% to $22.44, and WNS Holdings added 0.9% to $83.24. Dr Reddy's Labs fell 0.4% to $55.65 and Azure Power Global fell 2.5% to $5.53.

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