US Stocks rebound on bargain hunting

The US stock market finished session higher on Tuesday, 20 July 2021, as investors chased for bottom fishing after the rout in the prior session. Meanwhile, positive reaction to the latest earnings news also contributed to strength on Wall Street.

At the close of trade, the Dow Jones Industrial Average index advanced 549.95 points, or 1.62%, to 34,512. The S&P 500 index added 64.57 points, or 1.52%, at 4,323. The tech-heavy Nasdaq Composite Index was up 223.89 points, or 1.57%, to 14,499.

Total 10 of 11 S&P 500 sectors inclined, with industrial (up 2.74%) sector was top gainer, followed by financials (up 2.42%), real estate (up 1.88%), consumer discretionary (up 1.72%), information technology (up 1.47%), energy (up 1.38%), and material (up 1.2%) sectors.

Shares of tech giant IBM Corp. (IBM) closed notably higher after reporting better than expected second quarter results. Also, brokerages raised their price targets on the stock following robust growth in the company's cloud and consulting businesses.

Shares of HCA Healthcare (HCA) also spiked after the hospital company reported second quarter results that exceeded analyst estimates on both the top and bottom lines.

Shares of Halliburton Co rose after it posted a second-straight quarterly profit, as a rebound in crude prices from pandemic lows buoyed demand for oilfield services.

ECONOMIC NEWS: US Commerce Department released a report showing housing starts spiked by 6.3% to an annual rate of 1.643 million in June after jumping by 2.1% to a revised rate of 1.546 million in May. Meanwhile, the report showed building permits tumbled by 5.1% to an annual rate of 1.598 million in June after slumping by 2.9% to a revised rate of 1.683 million in May.

Among Indian ADR, Tata Motors added 1.74% to $20.44, INFOSYS added 1.45% to $20.94, WNS Holdings added 3.25% to $80.98, ICICI Bank added 1% to $17.40, and HDFC Bank added 0.17% to $69.34. Wipro added 1.73% to $8.21. Vedanta fell 0.65% to $13.75 and Dr Reddys Labs shed 1.11% to $71.59.

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