US Stocks rebound on bargain hunting

The US stock market finished session higher on Thursday, 08 December 2022, as bargain buying on recently battered stocks resumed as investors cheered rise in weekly jobless claims benefits.

Market participants were awating for Friday's producer price index and the University of Michigan's consumer sentiment survey which would further helps to signals the outlook for interest rates hike pace.

At the close of trade, the Dow Jones Industrial Average index was up 183.56 points, or 0.55%, to 33,781.48. The S&P500 index increased by 29.59 points, or 0.75%, to 3,963.51. The tech-heavy Nasdaq Composite Index inclined by 123.45 points, or 1.13%, to 11,082.

Total 9 of 11 sectors of the S&P500 index inclined, with information technology sector outperformed, gaining 1.6%, while communication services sector was worst performer, erasing 0.5%.

Technology stocks led market rally, with Apple Inc, Nvidia Corp and Amazon.com Inc rising between 1.2% and 6.5%. Microsoft Corp ended 1.2% higher.

Shares of Moderna Inc advanced 3.2% after the U.S. Food and Drug Administration authorized COVID-19 shots from the vaccine maker that target both the original coronavirus and Omicron sub-variants for use in children as young as six months old.

ECONOMIC NEWS: First-time claims for U.S. unemployment benefits edged slightly higher in the week ended December 3rd, according to a report released by the Labor Department. The report said initial jobless claims crept up to 230,000, an increase of 4,000 from the previous week's revised level of 226,000. The Labor Department said the less volatile four-week moving average also ticked up to 230,000, an increase of 1,000 from the previous week's revised average of 229,000. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed by 62,000 to 1.671 million in the week ended November 26th. The four-week moving average of continuing claims also rose to 1,582,250, an increase of 43,250 from the previous week's revised average of 1,539,000.

Among Indian ADR, Tata Motors added 0.2% to $24.96, INFOSYS was up 1% at $19.58, WNS Holdings inclined 0.4% to $82.57, HDFC Bank added 0.7% to $68.03, and Wipro was up 0.6% to $4.93. Dr Reddy's Labs added 0.86% to $53.71, ICICI Bank added 0.7% to $22.85, and Azure Power Global fell 1.5% to $4.75.

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