US Market extends gain

The US stock market finished session higher on Tuesday, 23 June 2020, as investor sentiment was bolstered by assurances from President Trump about the US-China trade deal, improving economic data, and speculation of additional stimulus to bolster the economy. The continued strength on Wall Street was also widely attributed to White House adviser Lawrence Kudlow statement that tax rebates and direct mail cheques are on the table in the next coronavirus relief bill.

At closing bell, the Dow Jones Industrial Average advanced 131.14 points, or 0.5%, to 26,156.10. The S&P 500 index gained 13.43 points, or 0.4%, to 3,131.29. The tech-heavy Nasdaq Composite Index rose 74.89 points, or 0.7%, to 10,131.37

 

ECONOMIC NEWS: The Commerce Department released a report showing a substantial increase in new home sales in the month of May. The report said new home sales spiked by 16.6 percent to an annual rate of 676,000 in May from a significantly downwardly revised rate of 580,000 in April.

COMMODITY NEWS: Base metal prices were mixed on Tuesday. Zinc (-2.4%) fell due to rising supply. Lead (-1.8%) and aluminium (-0.8%) were down. Nickel (+0.6%), copper (+0.5%) and tin (+0.3%) lifted.

Global oil prices eased on Tuesday ahead of the release of US inventory data. The Brent crude price fell by US45 cents or 1% to US$42.63 a barrel. And the US Nymex price lost US36 cents or 0.9% to US$40.37 a barrel.

Among Indian ADR, Dr Reddys Labs added 2.07% to $54.34, Vedanta grew 0.52% to $5.80, WNS Holdings rose 1.1% to $55.99, Tata Motors grew 1.47% to $6.89, HDFC Bank rose 1.59% to $45.43, ICICI Bank grew 2.39% to $9.86, and INFOSYS added 2.95% to $9.42, while Wipro lost 0.31% to $3.24.

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