You are here: Home » News-CM » International » Market Report
Business Standard

US Market extends gain on hopes for stimulus

Capital Market 

The US stock market finished higher for a second straight session on Thursday, 08 October 2020, as appetite for riskier assets underpinned on renewed hopes for U. S. stimulus measures to underpin the virus-hit economy after comments by U. S. President Donald Trump.

At closing bell, the Dow Jones Industrial Average index advanced 122.05 points, or 0.43%, to 28,425.51. The S&P 500 index gained 27.38 points, or 0.8%, to 3,446.83. The tech-heavy Nasdaq Composite Index added 56.38 points, or 0.5%, to 11,420.98.

Two days after calling off negotiations on a comprehensive bill, President Trump said talks with Congress have restarted over further COVID-19 relief and that there was a good chance a deal could be reached.

But he gave no other details about a possible agreement.

President Donald Trump signaled that he would support a piecemeal approach to new fiscal relief, mentioning the Paycheck Protection Program, airline aid, and another round of direct payments. The president's tweets revived hopes for fresh government support.

House of Representatives Speaker Nancy Pelosi said legislation to help airlines was a matter of national security and could only move through Congress with guarantees of work continuing on the comprehensive deal.

ECONOMIC NEWS: US Weekly Jobless Claims Edge Down To 840,000- US initial jobless claims edged down to 840,000 in the week ended October 3rd, a decrease of 9,000 from the previous week's revised level of 849,000, the Labor Department on Thursday showed. The report said the less volatile four-week moving average also fell to 857,000, a decrease of 13,250 from the previous week's revised average of 870,250. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also tumbled by 1.003 million to 10.976 million in the week ended September 26th.

Among Indian ADR, INFOSYS added 1.79% to $14.80, Wipro added 5.23% to $5.23, HDFC Bank rose 1.67% to $54.85, ICICI Bank added 1.69% to $10.81, WNS Holdings added 0.29% to $65.90, and Azure Power Global fell 1.36% to $31.93. Dr Reddys Labs inclined 2.55% to $70.40. Tata Motors fell 0.62% to $9.67 and Vedanta fell 3.87% to $6.46.

Powered by Capital Market - Live News

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

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, October 09 2020. 09:48 IST