US Stocks rebound on bargain buying; Financials lead

The US stocks moved significantly higher on Monday, 23 May 2022, with the Dow, the Nasdaq, and the S&P 500 settling firmly above neutral line, as investors continued to pick up stocks at reduced levels after tumbling nearly 20% from January's record closing high.

The strength on Wall Street also have been generated in reaction to news the financial hub of Shanghai has lifted some of its COVID-19 restrictions and U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods.

At the close of trade, the Dow Jones Industrial Average index rose by 618.34 points, or 1.98%, to 31,880.24. The S&P500 index added 72.39 points, or 1.86%, to 3,973.75. The tech-heavy Nasdaq Composite Index increased by 180.66 points, or 1.59%, to 11,535.27.

All 11 major S&P sectors ended the session green, with financials, energy, and information technology issues enjoying the largest percentage gain.

Banking stocks helped to lead the rebound on Wall Street, with the JPMorgan Chase (JPM) surging 6.2% after it raised its current year interest income outlook.

Among Indian ADR, Tata Motors added 2.3% to $27.38, Wipro added 1.68% to $6.04, INFOSYS added 1.02% to $18.89, and ICICI Bank added 1.93% to $18.45. Azure Power Global added 4.58% to $14.17, Dr Reddy's Labs added 0.07% to $55.07, and WNS Holdings added 2.75% to $72.50. HDFC Bank fell 0.3% to $53.64.

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