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  • US Market recovers on Twitter announcement
  • April 26,2022  08:43
  • The US share market finished session higher on Monday, 25 April 2022, after recouping early losses during late afternoon trade, thanks to reports that Twitter agreed to be bought by Elon Musk. However, market gains were limited amid lingering concerns that faster U.S. interest rate hikes would dents economic growth.

    At the close of trade, the Dow Jones Industrial Average index advanced 238.06 points, or 0.7%, to 34,049.46. The S&P500 index was up 24.34 points, or 0.57%, to 4,296.12. The tech-heavy Nasdaq Composite Index grew 165.56 points, or 1.29%, to 13,004.85.

    Declining stocks outnumbered advancing ones on the NYSE exchange by 1710 to 1635 and 148 closed unchanged. In the NASDAQ, 2665 issues advanced, 2114 issues declined, and 293 issues unchanged.

    Total 7 of 11 major S&P 500 sector indexes closed up, with top performing issues were communication services (up 1.53%), information technology (up 1.44%), consumer discretionary (up 0.78%), and healthcare (up 0.66%), while bottom performing issues included energy (down 3.3%) and utilities (down 0.72%).

    The early weakness on Wall Street reflected lingering concerns about rising interest rates and China's sputtering economy. But, it reversed losses after Twitter agreed to be bought by billionaire Elon Musk. Trading activity remained somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.

    Traders are pricing in big moves by the Federal Reserve this year to control inflation after a series of hawkish remarks from policymakers. Fed Chair Jerome Powell last week gave a go sign to a half-point rate hike in May and signaled he would be open to front-end loading the U.S. central bank's retreat from super-easy monetary policy. Market participants expect the Fed to raise interest rates by a half point at the central bank's next two meetings.

    Traders were also have been reluctant to make significant moves ahead of the release of earnings news from a number of big-name companies. The focus this week will also be on earnings, with nearly a third of S&P 500 index companies due to report this week including major growth names such as Google-owner Alphabet and Microsoft.

    Shares of Twitter gained 5.7% after the social media giant announced on Monday that Tesla Chief Executive Elon Musk will buy the social-media company for $54.20 per share in cash in a deal valued at about $44 billion. The price is a 38% premium to the closing stock price on April 1, the last trading day before Musk unveiled his about 9% stake, Twitter said in a statement. After the deal closes, Twitter will become a privately held company

    Among Indian ADR, Wipro added 1.48% to $6.86, INFOSYS added 0.74% to $20.41, HDFC Bank added 2.09% to $56.24, ICICI Bank added 2.97% to $19.43, WNS Holdings added 0.76% to $80.62, and Azure Power Global added 2.95% to $14.66. Tata Motors dropped 0.43% to $27.97 and Dr Reddy's Labs fell 0.95% to $53.39.

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