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Budget News

  • US Stocks extend gains amid vaccine hopes
  • July 02,2020  08:29
  • The US stock market finished session mostly higher on the first day of the third quarter, Wednesday, 01 July 2020, with the Nasdaq close at a record high, as bullish investors took heart from cheering economic data and news of a potential coronavirus vaccine.

    At closing bell, the Dow Jones Industrial Average fell 77.91 points, or 0.3%, to 25,734.97. The S&P 500 index gained by 15.57 points, or 0.5%, to 3,115.86. The tech-heavy Nasdaq Composite Index rose by 95.86 points, or 0.95%, to 10,154.63. The stock market will be closed on Friday in observance of the Fourth of July holiday.

    Wall Street stocks rallied for a third straight session on Wednesday, after the ADP National Employment Report showed the nonfarm private sector created 2.4 million jobs in June, with 70% of new jobs in the leisure, hospitality, trade and construction industries. Meanwhile, data from the Institute for Supply Management (ISM) showed index of US factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50.

    Further boosting sentiments was minutes from the Federal Reserve's June policy meeting that showed policymakers broadly agreed to make full use of the tools at the central bank's disposal to support a recovery from the recession triggered by the coronavirus pandemic.

    Investors were also encouraged by increasing optimism for a safe and effective COVID-19 vaccine. The US drug maker Pfizer Inc said a COVID-19 vaccine being developed with German biotech firm BioNTech showed promise and was found to be well-tolerated in early-stage human trials.

    Among Indian ADR, Wipro fell 1.51% to $3.26, WNS Holdings declined 0.49% to $54.71, Dr Reddys Labs fell 1.34% to $52.30, while Vedanta added 1.78% to $5.71, Tata Motors added 1.67% to $6.68, INFOSYS rose 0.21% to $9.68, ICICI Bank added 3.34% to $9.60, and HDFC Bank climbed up 5.43% to $47.93,

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