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US Stocks end higher

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The US stocks mostly recovered early weakness in lacklustre trade on Wednesday, 24 November 2021, with the Nasdaq and the S&P 500 closing firmly in positive territory, while the Dow closed marginal down, as investors weigh prospects for growth amid rising inflation and a persistent pandemic.

At the close of trade, the Dow Jones Industrial Average index declined marginal 9.42 points, or 0.03%, to 35,804.38. The S&P500 index added 10.76 points, or 0.23%, to 4,701.46. The tech-heavy Nasdaq Composite Index rose 70.09 points, or 0.44%, to 15,845.23.

Total volume turnover on U. S. exchanges stood at 7.94 billion shares, down from yesterday's 10.08 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 1807 to 1485 and 139 closed unchanged.

In the NASDAQ, 2703 issues advanced, 1845 issues declined, and 234 issues unchanged.

Total 6 of 11 S&P500 sectors ended down, with materials (down 0.74%) was bottom performing issue followed by consumer staples (down 0.29%) sector, while real estate (up 1.28%) was top performing sector, followed by energy (up 0.98%) sector.

Stocks moved to the downside early in the session on Wednesday as continued increase in treasury yields, with benchmark 10 year notes last yielding 1.6427% having risen as high as 1.6930% on Wednesday, amid concerns the central bank could accelerate plans to tighten monetary policy.

Meanwhile, Labor Department latest report showing first-time claims for U. S. unemployment benefits slid to their lowest level in over fifty years in the week ended November 20th helped push yields higher.

ECONOMIC NEWS: The Labor Department said initial jobless claims tumbled to 199,000, a decrease of 71,000 from the previous week's revised level of 270,000.

The Commerce Department released separate reports showing an unexpected drop in durable goods orders but an increase in new home sales in the month of October.

Minutes of the Fed's Nov. 2-3 policy meeting showed that several U. S. Federal Reserve policymakers said they would be open to speeding up the tapering of the central bank's bond-buying programme if the high rate of inflation held, and move more quickly to raise interest rates.

Among Indian ADR, WNS Holdings shed 0.1% to $88.82, HDFC Bank fell 0.34% to $69.40, Wipro fell 0.23% to $8.73, INFOSYS sank 1.22% to $22.61, Dr Reddys Labs fell 0.28% to $61.17, and Azure Power Global fell 1.76% to $21.78. ICICI Bank added 1.49% to $19.79 and Tata Motors added 0.12% to $32.88.

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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: Thu, November 25 2021. 08:52 IST