US Market extends record rally on upbeat jobs data

The US stocks extended winning streak to seventh session on Friday, 05 November 2021, with the S&P 500, Dow, and Nasdaq all closing at new record highs, thanks to a strong US jobs report and a Pfizer announcement about a promising COVID-19 treatment. Stocks also continued to benefit from largely upbeat earnings news coupled with cheery outlook on earnings growth as well as signals the Federal Reserve is not in a hurry to raise interests.

At the close of trade, the Dow Jones Industrial Average index advanced 203.72 points, or 0.56%, to 36,327.95. The S&P500 index added 17.47 points, or 0.37%, to 4,697.53. The tech-heavy Nasdaq Composite Index rose 31.28 points, or 0.2%, to 15,971.59. For the week, the tech-heavy Nasdaq spiked by 3.1%, the S&P 500 surged up by 2% and the Dow jumped by 1.4%.

 

Total volume turnover on U.S. exchanges stood at 10.31 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 2229 to 1130 and 138 closed unchanged. In the NASDAQ, 2556 issues advanced, 2085 issues declined, and 210 issues unchanged.

Total 10 of 11 S&P500 sectors ended higher, with energy (up 1.59%) was top performing sector, followed by consumer discretionary (up 1.42%), industrials (up 1%), materials (up 0.84%), consumer discretionary (up 0.75%), and communication services (up 0.75%) sectors, while healthcare (down 1.03%) was bottom performing issue.

Pfizer Inc shares surged after the drugmaker's announced that a clinical trial of its pill to treat COVID-19 showed an 89% reduction in risk of hospitalization or death among adult patients at high risk of progressing to severe illness.

Among earnings moves, Expedia shares closed up after the online travel agency posted upbeat third-quarter revenue, while Pinterest Inc climbed up on an upbeat fourth-quarter revenue forecast.

ECONOMIC NEWS: The Labor Department released jobs report on Friday showing U.S. non-farm payroll employment surged up by 531,000 jobs in October after climbing by an upwardly revised 312,000 jobs in September. The unemployment rate fell to 4.6% in October from 4.8% in September, hitting its lowest level since March of 2020.

Among Indian ADR, Vedanta added 0.24% to $16.72, Tata Motors added 0.86% to $32.76, ICICI Bank added 0.34% to $20.64, WNS Holdings added 0.39% to $87.87, and INFOSYS added 0.35% to $22.79, while HDFC Bank shed 0.11% to $71.02, Dr Reddys Labs sank 0.5% to $63.40, and Wipro fell 0.1% to $8.97.

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