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  • US Stocks extend gain to 2nd day
  • September 24,2021  16:34
  • The US stocks advanced to second day in row on Thursday, 23 September 2021, with the major three indexes finishing sharply higher, as investors brushed off concerns over the Federal Reserve's tapering plans, while forecast raises from Accenture and Salesforce added to the positive mood. Meanwhile, sentiments was also underpinned on receding fears of a corporate collapse in China after embattled property giant China Evergrande reached settlement with mainland bondholders.

    At the close of trade, the Dow Jones Industrial Average index advanced 506.50 points, or 1.48%, to 34,764.82. The S&P500 index added 53.34 points, or 1.21%, to 4,448.98. The tech-heavy Nasdaq Composite Index rose 155.40 points, or 1.04%, to 15,052.24.

    Total 9 of 11 S&P500 sectors advanced, with energy (up 3.2%) was top gainer followed by financials (up 1.6%), information technology (up 1.4%), consumer discretionary (up 1.3%), materials (up 1%).

    Total volume turnover on U.S. exchanges stood at 8.33 billion shares, down from yesterday's 8.40 billion shares. In the NYSE exchange, 2141 issues advanced, 1133 issues declined, and 158 issues closed unchanged. In the NASDAQ, 3245 issues advanced, 1209 issues declined, and 195 issues unchanged.

    Upbeat outlooks from Accenture and Salesforce helped to bolster the market. The Fed said on Wednesday it could begin reducing its monthly bond purchases by as soon as November, and that interest rates could rise quicker than expected by next year. The November deadline was largely priced in by markets. The central bank also projected inflation at 4.2% by the year-end, more than twice its target rate of 2%. Still, the Fed remained optimistic over a return to economic normalcy by next year.

    Easing concerns over a potential default by Chinese property developer Evergrande also fed into market optimism. Upbeat outlooks from Accenture and Salesforce helped to bolster the market.

    ECONOMIC NEWS: US Leading Economic Index Rises 0.9% In August-US leading economic index advanced by 0.9% in August after climbing by 0.8% in July, the Conference Board reported on Thursday. The report said the coincident economic index edged up by 0.2% in August following a 0.6% increase in July. The lagging economic index also inched up by 0.1% in August after rising by 0.5% in the previous month.

    US Jobless Claims Rises For Second Straight Week-A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits unexpectedly increased for the second straight week in the week ended September 18th. The Labor Department said initial jobless claims rose to 351,000, an increase of 16,000 from the previous week's revised level of 335,000. With the uptick, jobless claims climbed further off the pandemic-era low of 312,000 set in the week ended September 4th.

    Among Indian ADR, Tata Motors added 4.1% to $22.07, Wipro added 2% to $9.68, INFOSYS added 1.98% to $23.73, WNS Holdings added 1.52% to $82.92, HDFC Bank added 1.72% to $73.98, and ICICI Bank added 1.82% to $19.57. Dr Reddys Labs fell 0.61% to $65.05 and Vedanta fell 0.06% to $16.06.

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