The US stock market finished firmly into positive territory on Thursday, 19 November 2020, as risk sentiments improved after Senate Democratic Minority Leader Chuck Schumer said Republican Majority Leader Mitch McConnell had agreed to revive talks to craft a new fiscal relief package.
However, market gains capped after Treasury Secretary Mnuchin later asked the Federal Reserve to return money earmarked under the March pandemic relief act for emergency lending to businesses, nonprofits and local governments. Further, weighing on the market sentiment was reports of soaring coronavirus cases and an unexpected rise in weekly jobless claims which raised fears of stalling growth in the world's largest economy.
At the close of trade, the Dow Jones Industrial Average index advanced 44.81 points, or 0.15%, to 29,483.23. The S&P 500 index grew 14.08 points, or 0.39%, to 3,581.87. The tech-heavy Nasdaq Composite Index added 103.11 points, or 0.87%, to 11,904.71.
The rising number of coronavirus cases weighed on utilities but supported 'stay-at-home' stocks in the technology sector. Shares in Alphabet (Google) rose 1.0% with Amazon up 0.4%. At the close of trade, the Dow Jones
ECONOMIC NEWS: US Leading Economic Index Climbs 0.7% In October- US leading economic index climbed by 0.7 percent in October, according to a report released by the Conference Board on Thursday. The report said the coincident economic index also increased by 0.5 percent in October after rising by 0.4 percent in September. Meanwhile, the lagging economic index inched up by 0.1 percent in October following a 0.3 percent drop in the previous month.
US Weekly Jobless Claims Recover From Eight-Month Low- US jobless claims climbed to 742,000 in the week ended November 14th, an increase of 31,000 from the previous week's revised level of 711,000, the Labor Department reported on Thursday.
In the previous week, jobless claims fell to their lowest level since hitting 282,000 in the week ended March 14th. Meanwhile, the report said the less volatile four-week moving average fell to 742,000, a decrease of 13,750 from the previous week's revised average of 755,750. The Labor Department said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also tumbled by 429,000 to 6.372 million in the week ended November 7th.
US Existing Home Sales Jump To 14-Year High In October- US existing home sales jumped by 4.3 percent to an annual rate of 6.85 million in October after soaring by 9.9 percent to a revised rate of 6.57 million in September, a report released by the National Association of Realtors on Thursday showed. With the unexpected spike, existing home sales reached their highest level since February of 2006. Existing home sales were up by 26.6 percent compared to the same month a year ago. The report said the median existing home price was $313,000 in October, up 0.5 percent from $311,400 in September and up 15.5 percent from $271,100 in the same month a year ago. Meanwhile, housing inventory at the end of October totaled 1.42 million units, down 2.7 percent from 1.46 million in September and down 19.8 percent from 1.77 million in October of 2019.
Among Indian ADR, Tata Motors fell 0.43% to $11.58, Wipro sank 1.38% to $4.99, INFOSYS fell 1.07% to $14.83, HDFC Bank dropped 0.8% to $66.62, ICICI Bank declined 1.81% to $13.03, and WNS Holdings fell 0.55% to $67.08. Dr Reddys Labs added 0.69% to $63.04, Vedanta added 3.02% to $6.14, and Azure Power Global added 1.58% to $30.18.
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