US Market extends gain; Tech, realty leads

10 Feb 2022 , 09:18 AM

The US stock market finished session higher for second straight session on Wednesday, 09 February 2022, as string of upbeat earnings reports and sign of easing tensions between the West and Russia over Ukraine lifted sentiment towards risk assets..

Market gains were, however, limited as traders were cautious ahead of US inflation data releasing tomorrow. Investors will watch consumer price data on Thursday for clues on the Federal Reserves plans to hike interest rates. An unexpectedly strong jobs report last week raised concerns of a more aggressive move by the central bank.

At the close of trade, the Dow Jones Industrial Average index rose 305.28 points, or 0.86%, to 35,768.06. The S&P500 index was up 65.64 points, or 1.45%, to 4,587.18. The tech-heavy Nasdaq Composite Index advanced 295.92 points, or 2.08%, to 14,490.37.

Advancing stocks outnumbered declining ones on the NYSE exchange by 2395 to 917 and 157 closed unchanged. In the NASDAQ, 3296 issues advanced, 1379 issues declined, and 223 issues unchanged.

All 11 major S&P 500 sector indexes advanced, with top performing issues were real estate (up 2.38%), information technology (up 2.3%), materials (up 2.13%), and industrials (up 1.37%).

Among individual stocks, Chipotle Mexican Grill (CMG) showed a strong upward move after the restaurant chain reported better than expected fourth quarter earnings.

Shares of Cannabis producer Canopy Growth (CGC) also moved sharply higher after reporting a narrow than expected fiscal third quarter loss

Shares of Enphase Energy (ENPH) also spiked after the solar energy company reported fourth quarter results that beat expectations and provided upbeat guidance.

ECONOMIC NEWS: US Wholesale Inventories Spike 2.2% In December- US wholesale inventories shot up by 2.2% in December after jumping by 1.7% in November, a report released by the Commerce Department on Wednesday showed. The continued spike in wholesale inventories came as inventories of durable goods soared by 2.6% and inventories of non-durable goods leapt by 1.6%. Meanwhile, the report showed wholesale sales edged up by 0.2% in December after surging by 1.7% in November. A 0.5% increase in sales of durable goods was partly offset by a 0.1% dip in sales of non-durable goods.

Among Indian ADR, Tata Motors added 3.15% to $34.03, INFOSYS added 2.27% to $23.41, Wipro added 1.46% to $7.65, ICICI Bank added 0.37% to $21.48, Azure Power Global rose 8.2% to $15.57, and WNS Holdings added 1.09% to $88.49. Dr Reddys Labs added 1.66% to $58.21, and HDFC Bank rose 3.12% to $69.47.

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