US Market extends gain on bargain hunting

The US stock market finished session higher on Monday, 28 September 2020, extending the strong upward move seen in the previous session, as investors continued hunting recently battered stocks, amid optimism about a new coronavirus bill after House Speaker Nancy Pelolsi said a new package is still possible. House Democrats plan to unveil a new $2.4 trillion coronavirus relief bill.

At closing bell, the Dow Jones Industrial Average index advanced 410.10 points, or 1.51%, to 27,584.06. The S&P 500 index rose by 53.14 points, or 1.61%, to 3,351.60. The tech-heavy Nasdaq Composite Index grew 203.96 points, or 1.87%, to 11,117.52.

 

Most of S&P 500 index sectors inclined, with energy, semiconductor, and financials being notable gainers.

Boeing shares extended Friday's gains, rising 6.4% after Federal Aviation Administration Chief Steve Dickson said the agency would conduct a 737 MAX evaluation flight this week.

Devon Energy Corp said it would buy peer WPX Energy Inc for $2.56 billion, sending their shares jumping 11.1% and 16.4%, respectively.

Ride-hailing platform Uber Technologies Inc rose 3.2% after a judge ruled the company could resume operations in London.

Among Indian ADR, INFOSYS added 0.44% to $13.63, ICICI Bank was up 2.29% to $9.82, WNS Holdings rose 0.79% to $63.79, Tata Motors added 3.81% to $8.98, and Vedanta added 0.81% to $7.47. Wipro fell 1.27% to $4.67, HDFC Bank fell 0.19% to $48.54, Azure Power Global declined 2.72% to $30.04, and Dr Reddys Labs declined 0.85% to $69.01.

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