Wall Street witnesses a strong rally

US stocks ended with strong gains on Thursday, 13 June, 2013. Stocks rallied on Thursday, with the S&P 500 index marking its best day in five months, bolstered by upbeat economic data and a late-session report in The Wall Street Journal that eased worries about the Federal Reserve's monetary policy. Dow ended higher for first time in four sessions.

For the day, The Dow Jones Industrial Average finished at 15,176.08, up 180.85 points, or 1.2%. The Nasdaq Composite added 44.94 points, or 1.3%, to 3,445.37. The Standard & Poor's 500 index rose 23.84 points, or 1.5%, to 1,636.36.

All the ten economic ended higher with financials pacing gains. Twenty six out of thirty Dow components ended higher led by Caterpillar.

In the currency market, the dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.3% on Thursday.

Regarding economic data expected at Wall Street, The Labor Department said that the number of people applying for first-time jobless benefits fell to 334,000 in the week ended June 8, the lowest level since early May, pointing to a slower pace of layoffs. Market had forecast initial claims to rise to 350,000 from the previous week's 346,000.

Retail sales growth surpassed expectations, jumping 0.6% in May after increasing 0.1% in April. The consensus expected retail sales to increase 0.3%. Excluding autos, retail sales rose 0.3% in May, which was exactly in-line with consensus expectations. April sales were revised up from a drop of 0.2% in the advance release to no change.

Morgan Stanley, meanwhile, cut its China GDP forecasts to 7.6% in 2013, from 8.2%, and 7.6% in 2014, from 7.9%.

Bullion metal prices ended substantially lower on Thursday, 13 June 2013. Comex gold futures prices ended the U.S. day session with strong losses followed by a sharp selloff in Japanese equities, followed by a round of stronger-than-expected U.S. economic data that underscored expectations the Federal Reserve will begin slowing the flow of stimulus to the economy in coming months.

Gold for August delivery ended lower by $14.2 (1%) at $1,377.8 an ounce on the Comex division of the New York Mercantile Exchange on Thursday. July silver ended lower by $0.22 cents (1.2%) at $21.58 an ounce on Thursday.

For every stock falling, nearly six gained on the New York Stock Exchange, where almost 756 million shares traded. Composite volume neared 3.4 billion.

Indian ADRs ended mixed on Thursday. In the IT space, Infosys was down 0.3% and Wipro was down 0.4%. In the Banking space, HDFC Bank was up 1.8% and ICICI Bank was up 0.12%. In the Telecom space, Tata Communication ended lower by 1.4%. In other space, Tata Motors was up 0.5%, Dr Reddys was down 0.1% and Sterlite was up 0.3%.

For tomorrow, regarding economic data expected at Wall Street, first quarter current account balance as well as May PPI and core PPI will be reported at 8:30 ET. At 9:15 ET, May industrial production and capacity utilization will cross the wires while the preliminary University of Michigan Consumer Sentiment Survey will be released at 9:55 ET.

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