The turnaround on Wall Street came as investors grew optimistic about a US debt ceiling deal after the US Senate Minority Leader Mitch McConnell offered a short-term suspension of the debt ceiling to avert a national default expected on October 18. Stocks fell earlier in the session on worries about the debt limit along with lingering concerns about inflation and the Federal Reserve scaling back stimulus after strong September private sector jobs data.
At the close of trade, the Dow Jones Industrial Average index advanced 102.32 points, or 0.3%, to 34,416.992. The S&P500 index grew 17.83 points, or 0.41%, to 4,363.55. The tech-heavy Nasdaq Composite Index added 68.08 points, or 0.47%, to 14,501.91.
Total volume turnover on U.S. exchanges stood at 8.72 billion shares, down from yesterday's 9.17 billion shares. In the NYSE exchange, 1502 issues advanced, 1758 issues declined, and 155 issues closed unchanged. In the NASDAQ, 1732 issues advanced, 2722 issues declined, and 207 issues unchanged.
Total 8 of 11 sectors ended up along with the S&P500 index, with utilities (up 1.53%) was top performing sector, followed by consumer staples (up 1%), real estate (up 0.98%), and information technology 9up 0.69%), while energy (down 1.05%) was bottom performing sector, followed by materials (down 0.26%).
The top performers on the S&P 500 were Intercontinental Exchange Inc (up3.84%), CSX Corporation (up 3.53%), and Vulcan Materials Company (up 3.21%). The worst performers were Electronic Arts Inc (down 6.95%), Nektar Therapeutics (down 5.95%), and Seagate Technology PLC (down 5.33%).
Shares of Moderna dropped 8.9% after Swedish and Danish authorities paused Covid-19 inoculations of younger people on cardiovascular concerns.
ECONOMIC NEWS: US ADP Private Sector Job Growth Jumps In September- US private sector employment jumped by 568,000 jobs in September after rising by a downwardly revised 340,000 jobs in August, according to a report released by payroll processor ADP on Wednesday. The stronger than expected private sector job growth was partly due to a notable increase in employment in the leisure and hospitality industry, which added 226,000 jobs.
COMMODITY NEWS: Crude oil prices retreated from multi-year highs on Wednesday due to an unexpected lift in US crude stockpiles. US crude inventories rose by 2.3 million barrels last week, against expectations for a modest dip of 418,000 barrels, according to the US Energy Department. The Brent crude price fell by US$1.48 or 1.8% to US$81.08a barrel. The US Nymex crude price lost US$1.50 or 1.9% to US$77.43 a barrel, down from 7-year highs.
Among Indian ADR, Wipro fell 1.68% to $8.80, INFOSYS fell 1.3% to $22.45, Dr Reddys Labs fell 1.23% to $67.25, HDFC Bank dropped 0.35% to $73, ICICI Bank declined 0.8% to $18.69, and Tata Motors sank 3.4% to $22.34. Vedanta fell 3.8% to $15.40. WNS Holdings added 0.46% to $82.20.
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