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Budget News

  • US Stocks rise on stimulus hopes, upbeat manufacturing activity
  • August 04,2020  06:32
  • The US stock market finished session firmly in positive territory on Monday, 03 August 2020, as investors took heart in upbeat manufacturing data and hopes for a near term stimulus hopes after lawmakers and White House officials met through the weekend to deliberate on another round of fiscal relief.

    However, market gains capped as investors were concerned about the U.S.-China tensions and deliberations on a new stimulus bill after Congressional leaders and Trump administration officials met over the weekend to continue ironing out a fiscal relief measure.

    At closing bell, the Dow Jones Industrial Average advanced 236.08 points, or 0.89%, at 26,664.40. The S&P 500 index added 23.49 points, or 0.72%, to 3,294.61. The tech-heavy Nasdaq Composite Index gained 157.52 points, or 1.47%, to 10,902.80.

    Six of 11 S&P sectors were negative in Monday's session, led to the downside by real estate, down 1.47%. Tech was the best performer, up 2.49%.

    Hopes for a near term stimulus hopes helped the market after Congressional leaders and Trump administration officials met over the weekend to continue ironing out a fiscal relief measure. Negotiations about expanded unemployment benefit remain at a standstill since the $600-per-week boost expired on Friday, erasing a key support measure for millions of jobless Americans. While Republicans and Democrats reached agreements on some facets, including direct payments, they remain in a standoff on unemployment aid.

    Adding to the positive sentiment, the Institute for Supply Management released a report showing a bigger than expected acceleration in the pace of growth in U.S. manufacturing activity in the month of July. The ISM said its purchasing managers index rose to 54.2 in July from 52.6 in June, with a reading above 50 indicating growth in manufacturing activity.

    Market gains were capped as fears of a soured US-China relationship resurfaced after Secretary of State Mike Pompeo said on Sunday that the White House might take action against Chinese software companies in the coming days following reports that the administration would ban TikTok. The statement reinvigorated trade fears just weeks after the two countries sparred over their respective consulates.

    Technology stocks saw continued strength on the day after moving sharply higher last Friday on largely upbeat earnings news. Shares of Microsoft (MSFT) soared by 5.6% to a new record closing high after the software giant confirmed it is in talks to acquire Chinese-owned video-sharing app TikTok. Tech giant Apple (AAPL) extended the rally seen in the previous session, jumping by 2.5% to a new record closing high.

    Among Indian ADR, INFOSYS grew 0.54% to $12.92, Tata Motors grew 9.24% to $7.45, Vedanta rose 3.32% to $6.22, and Azure Power Global added 3.23% to $21.41, while Dr Reddys Labs was down 1.12% to $60.12, WNS Holdings fell 1.66% to $62.90, Wipro fell 1.39% to $4.26, HDFC Bank fell 2.12% to $45.76, and ICICI Bank shed 0.96% to $9.30.

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