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US Market hits new all-time high

Capital Market 

The US stock market finished session at new highs on Tuesday, 24 November 2020, as appetite for riskier assets underpinned by the start of smooth presidential transition of power and likely arrival of measures to bolster the world's biggest economy. Adding to the positive sentiment was upbeat coronavirus vaccine development news as well as news that former Federal Reserve chair Janet Yellen will be Biden's nominee for Treasury Secretary.

At the close of trade, the Dow Jones Industrial Average index added 454.97 points, or 1.54%, to 30,046.24, hitting a new all-time high. The S&P 500 index rose 57.82 points, or 1.62%, to 3,635.41. The tech-heavy Nasdaq Composite Index climbed up 156.15 points, or 1.31%, to 12,036.78.

US share markets commenced trading with firm footing as the outgoing President Donald Trump administration authorized a transition, clearing the way for President-elect Joe Biden to have access to funds, office space and the ability to meet with federal officials.

Adding to the positive sentiment was an upbeat coronavirus vaccine announcement by British drugs group AstraZeneca and the University of Oxford as well as news that Biden will tap former Federal Reserve Chair Janet Yellen as treasury secretary.

Those positive developments helped offset worries about rising Covid-19 cases that are spurring fresh restrictions in California, Nevada and other states. The U.

S. continues to notch record Covid-19 infections, with the national seven-day average of daily new cases hitting 170,855 on Sunday, according to Johns Hopkins University data.

In US economic data, Johnson Redbook chain store sales rose 2.8% last week from a year ago. S&P/Case-Shiller home prices rose 1.2% in September to be up 6.6% over the year. The FHFA house price index lifted 1.7% in September to be up 9.1% on the year. The Conference Board consumer confidence index fell from 101.4 to 96.1 in November. The Richmond Federal Reserve manufacturing index fell from 29 to 15 in November.

Among Indian ADR, Dr Reddys Labs added 2.29% to $65.53, Tata Motors rose 2.09% to $11.70, HDFC Bank added 4.47% to $69.59, and ICICI Bank inclined 3.04% to $13.20. Wipro added 0.2% to $5.13, INFOSYS added 0.98% to $15.53, WNS Holdings fell 0.13% to $69.75, Vedanta added 3.74% to $6.38, and Azure Power Global added 2.47% to $33.25.

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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: Wed, November 25 2020. 04:52 IST