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US Market climbs for fourth straight session

Capital Market 

The US stock market finished higher for fourth straight session on Monday, 12 October 2020, as risk sentiments fuelled by expectations of a coronavirus relief package and by a rally in technology stocks.

At closing bell, the Dow Jones Industrial Average index advanced 250.62 points, or 0.88%, to 28,837.52. The S&P 500 index gained 57.09 points, or 1.64%, to 3,534.22. The tech-heavy Nasdaq Composite Index added 296.31 points, or 2.56%, to 11,876.26.

Optimistic sentiment dominated after the Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill as negotiations on a broader package ran into resistance.

Results from big U. S. banks will be in focus this week, with JPMorgan & Co and Citigroup set to report on Tuesday.

Technology stocks climbed up.

Shares of (+4.8%) surged ahead of its Prime Day shopping event on Tuesday. Apple (+6.4%) is expected to unveil its first 5G iPhone also on Tuesday. Shares of Twitter (+5.1%) rallied on an upgrade from Deutsche Bank, which boosted Facebook (+4.3%) and Alphabet (+3.6%) shares as they also derive their revenue from digital advertising.

Among Indian ADR, INFOSYS added 2.3% to $15.55, Wipro added 0.19% to $5.41, ICICI Bank added 0.09% to $11.05, Azure Power Global added 1.22% to $29.50, and WNS Holdings added 1.22% to $68.05. Dr Reddys Labs declined 1.06% to $70.77, Tata Motors fell 2.51% to $9.34, HDFC Bank fell 0.84% to $55.75, and Vedanta fell 12.08% to $5.24.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, October 13 2020. 09:20 IST