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

US Market rebounds on bargain hunting

Capital Market 

The US stock market finished higher for the first time in three consecutive sessions on Thursday, 02 December 2021, as investors chased for bottom fishing on heavily battered shares. All S&P sectors advanced, with shares of economically sensitive sectors such as financials, realty, and industrials being notable gainers.

At the close of trade, the Dow Jones Industrial Average index advanced 617.75 points, or 1.82%, to 34,639.79. The S&P500 index rose 64.06 points, or 1.42%, to 4,577.10. The tech-heavy Nasdaq Composite Index gained 127.27 points, or 0.83%, to 15,381.32.

Total volume turnover on U.

S. exchanges stood at 10.78 billion shares, down from yesterday's 12.07 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 2520 to 870 and 122 closed unchanged. In the NASDAQ, 2998 issues advanced, 1647 issues declined, and 205 issues unchanged.

All 11 S&P500 sectors ended up, with energy (up 2.85%) was best performing sector, followed by financials (up 2.83%), real estate (up 2.67%), materials (up 1.98%), and utilities (up 1.22%) sectors.

Boeing shares surged on reports that China'a aviation authority has cleared the 737 Max to return to flying and Jet Airways India are in talks with Boeing and Airbus to purchase at least 100 narrowbody jets.

ECONOMIC NEWS: US Initial Jobless Claims Rebound To 222K- US initial jobless claims rose to 222,000 in the week ended November 27th, an increase of 28,000 from the previous week's revised level of 194,000, the Labor Department reported on Thursday, from the 199,000 originally reported for the previous week. The modest increase came after jobless claims tumbled to their lowest level since 1969 in the previous week, although the drop was partly attributed to the later timing of Thanksgiving this year throwing off the seasonal adjustment.

Among Indian ADR, WNS Holdings rose 3.56% to $86.28, Wipro rose 3.8% to $8.75, INFOSYS rose 4.46% to $23.44, Azure Power Global added 0.35% to $20.09, and Dr Reddys Labs added 1.43% to $62.40. HDFC Bank added 1.3% to $67.16, ICICI Bank added 0.92% to $18.69, and Tata Motors rose 2.21% to $31.97.

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, December 03 2021. 08:39 IST