US Market extends rally on Fed pivot hopes

14 Nov 2022 , 08:45 AM

The US stock market finished session modestly higher on Friday, 11 November 2022, as investors continued chasing risker assets on optimism that the Federal Reserve likely to trim the pace of interest rate hikes following Thursdays softer than expected inflation data. At the close of trade, the Dow Jones Industrial Average index rose 32.49 points, or 0.1%, to 33,747.86. The S&P500 index added 36.56 points, or 0.92%, to 3,992.93. The tech-heavy Nasdaq Composite Index increased 209.18 points, or 1.88%, to 11,323.33. For the week, the Nasdaq surged by 8.1%, the S&P 500 added by 5.9% and the Dow gained 4.2%. Total 6 of 11 sectors of S&P500 index advanced, with energy sector outperformed with gains of 3.1%, followed by consumer discretionary (up 2.5%), communication services (up 2.5%), and information technology (up 1.7%) issues, while healthcare issues underperformed with loss of 1.3%. ECONOMIC NEWS: The University of Michigan latest report showed that consumer sentiment index slumped to 54.7 in November after inching up 59.9 in October. The report also showed that one-year inflation expectations crept up to 5.1% in November from 5% in October, while five-year inflation expectations inched up to 3% from 2.9%. Among Indian ADR, INFOSYS was up 2.9% at $19.75, Tata Motors added 0.9% to $26.56, HDFC Bank added 2.6% to $68.44, Wipro added 1.6% to $5.05, and Azure Power Global rose 0.8% to $6.01, ICICI Bank fell 2.5% to $22.72, WNS Holdings fell 0.04% to $83.70, and Dr Reddys Labs fell 1% to $56.89. Powered by Capital Market – Live News