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Budget News

  • US Stocks close mixed
  • October 28,2020  09:40
  • The US stock market finished session mixed on Tuesday, 27 October 2020, as renewed concerns around surging coronavirus cases and fading hope for a U.S. coronavirus stimulus before Election Day squared off with rallying tech stocks.

    At closing bell, the Dow Jones Industrial Average index stumbled 222.19 points, or 0.8%, to 27,463.19. The S&P 500 index fell 10.29 points, or 0.3%, to 3,390.68. The tech-heavy Nasdaq Composite Index rose 72.14 points, or 0.64%, to 11,431.35.

    Market sentiment was dented by the rising number of new COVID-19 cases and an inability by lawmakers to push forward on new fiscal stimulus. Industrials giants.

    Advanced Micro Devices boosted the tech sector after announcing it will buy chipmaker Xilinx in a $35 billion all-stock deal. The purchase is set to close by the end of 2021 and will give AMD a significant leg up in competing with rivals such as Intel. Xilinx leaped on the news, while AMD sank throughout the day.

    Microsoft also lifted the group as investors scooped up shares ahead of its third-quarter report's afternoon release.

    In US economic data, durable goods orders lifted 1.9% in September (survey: +0.5%). In August, the FHFA house price index rose 1.5% (survey: +0.7%) and the S&P/Case-Shiller 20-city home price index gained 0.5% (survey: +0.5%). The Conference Board consumer confidence index fell from 101.3 to 100.9 points in October (survey: 102). The Richmond Fed manufacturing index lifted from 21 to 29 points in October (survey: 18). Redbook chain store sales rose by 1.2% last week compared to a year ago.

    Among Indian ADR, INFOSYS fell 0.47% to $14.85, Azure Power Global fell 1.2% to $26.33, Wipro dropped 0.41% to $4.91, WNS Holdings sank 0.92% to $61.18, Vedanta was down 1.45% to $5.44, and Dr Reddys Labs rose 1.67% to $68.02. ICICI Bank added 0.72% to $11.16, HDFC Bank rose 0.76% to $59.90, and Tata Motors rose 4.64% to $9.48.

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