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  • US Market ends mostly lower
  • July 10,2020  10:31
  • The US stock market settled session lower on Thursday, 09 July 2020, as investors continued to back away from risk assets after fresh data showed that initial unemployment claims in the U.S. remain elevated, and the number of confirmed new Covid-19 cases in the U.S. hit a new single-day high Wednesday.

    At closing bell, the Dow Jones Industrial Average fell 361.19 points, or 1.4%, to 25,706.09. The S&P 500 index lost 17.89 points, or 0.6%, to 3,152.05. The tech-heavy Nasdaq Composite Index added 55.25 points, or 0.5%, to 10,547.75.

    Stock investors took safe heaven stance amid concerns about coronavirus infections in the country after more than 60,000 new Covid-19 cases were reported on Wednesday, the biggest increase ever reported by a country in a single day. Florida reported a record increase in hospitalizations. With Covid-19 cases on the rise in 42 states across the United States, investors fear that re-imposition of lockdown measures will significantly weaken recovery chances.

    Sentiments were also dampened after a report on weekly jobless claims showed that US first-time claims for unemployment benefits tumbled to 1.314 million in the week ended July 4th, a decrease of 99,000 from the previous week's revised level of 1.413 million, according to a report released by the Labor Department on Thursday. The Labor Department said the less volatile four-week moving average also fell to 1,437,250, a decrease of 63,000 from the previous week's revised average of 1,500,250. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also plunged by 698,000 to 18.062 million in the week ended June 27th.

    Among Indian ADR, WNS Holdings fell 2.76% to $53.95, INFOSYS dropped 1.06% to $10.23, Bank shed 0.16% to $48.55, ICICI Bank sank 1.52% to $9.74, and Dr Reddys Labs was down 0.71% to $51.89, while Vedanta rose 0.17% to $5.97, HDFC, Tata Motors rose 2.41% to $7.23, and Wipro climbed 0.61% to $3.31.

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