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US Stocks end mixed

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The US stocks closed mixed on Monday, 10 August 2020, with the Dow Industrials rallied along with the S&P 500 index but the Nasdaq bucked the trend, as investors rotated into value stocks from tech sector while they awaited news on progress in a fiscal support bill for the country's battered economy. At closing bell, the Dow Jones Industrial Average advanced 357.96 points, or 1.3%, to 27,791.44. The S&P 500 index gained 9.19 points, 0.27%, to 3,360.47. The tech-heavy Nasdaq Composite Index lost 42.63 points, 0.39%, to 10,968.36.

Monday trading showed signs of a rotation away from high-growth stocks in the tech sector to more economically sensitive cyclical companies.

As the summer COVID-19 spike wanes, investors are more inclined toward cyclical stocks to view the economic recovery as real and sustainable for the first time since the pandemic began.

Providing some support, U. S. President Donald Trump signed executive orders that partly restored enhanced unemployment benefits after talks between the White House and top Democrats in Congress about fresh stimulus broke down last week.

Tensions between Washington and Beijing were also at play, after Trump signed executive orders last week banning major Chinese technology firms in 45 days' time while announcing sanctions on 11 Chinese and Hong Kong officials.

Eastman Kodak Co sank after its $765-million loan agreement with the U. S. government to produce pharmaceutical ingredients was put on hold due to "recent allegations of wrongdoing."

Among Indian ADR, Vedanta added 2.09% to $6.35, WNS Holdings added 0.02% to $62.91, Wipro rose 0.47% to $4.28, Dr Reddys Labs grew 2.16% to $61.42, Azure Power Global added 0.2% to $21.45, ICICI Bank advanced 0.86% to $9.38, Tata Motors grew 1.21% to $7.54, and HDFC Bank rose 1.2% to $46.31. INFOSYS dropped 2.17% to $12.64.

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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: Tue, August 11 2020. 08:30 IST
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