US Stocks rebound on bargain hunting, Tech leads

The US stocks rebounded on Wednesday, 09 September 2020, with S&P500, Nasdaq, and Dow Index snapping three days of losing streak, as dip buyers poured into beaten-down technology-related stocks.

At closing bell, the Dow Jones Industrial Average index added 439.58 points, or 1.6%, to 27,940.47. The S&P 500 index rose 67.12 points, or 2.01%, to 3,398.96. The tech-heavy Nasdaq Composite Index jumped 293.87 points, or 2.71%, to 11,141.56.

The rebound on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following the recent sell-off.

Technology stocks showed a substantial rebound on the day after leading the markets lower over the past few sessions. Among tech stocks, with Tesla Inc shares jumped 7.7%, while Apple Inc, Microsoft Corp, and Amazon.com Inc each rose by at least 4%. Facebook Inc and Google-parent Alphabet Inc also climbed.

Among Indian ADR, INFOSYS added 0.63% to $12.75, HDFC Bank added 0.77% to $49.85, Dr Reddys Labs added 3.6% to $60.78, and ICICI Bank was down 0.39% to $10.18, Azure Power Global added 0.33% to $27.39, WNS Holdings rose 0.33% to $64.81, Wipro rose 1.64% to $4.35, Vedanta added 4.05% to $6.94, and Tata Motors rose 0.42% to $9.67.

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