US Market rallies on upbeat economic data

18 May 2022 , 08:44 AM

The US stocks rose substantially higher on Tuesday, 17 May 2022, with the Dow Jones Industrial Average, the Nasdaq, and the S&P 500 all settling session higher. The rebound in Wall Street was credited to strong retail sales and industrial production data, some upbeat earnings updates and Fed Chair Jerome Powells positive comments about the strength of the economy. At the close of trade, the Dow Jones Industrial Average index advanced 431.17 points, or 1.34%, to 32,654.59. The S&P500 index added 80.84 points, or 2.02%, to 4,088.85. The tech-heavy Nasdaq Composite Index gained by 321.73 points, or 2.76%, to 11,984.52. Advancing stocks outnumbered declining ones on the NYSE exchange by 2491 to 849 and 110 closed unchanged. In the NASDAQ, 3626 issues advanced, 1142 issues declined, and 210 issues unchanged. Total 10 of 11 major S&P 500 sector indexes inclined, with top performing issues were information technology (up 2.91%), materials (up 2.86%), consumer discretionary (up 2.68%), and financials (up 2.69%), while bottom performing issues included consumer staples (down 1.15%). Semiconductor stocks climbed, with Advanced Micro Devices rising 8.7%. Nvidias rose 5.3%, Qualcomms jumped 4.3% and Micron Technologys added about 5.7%. Shares of Citigroup and Paramount Global surged after Berkshire Hathaway disclosed its holdings in the two companies. Warren Buffetts conglomerate revealed it added a nearly $3 billon stake in the struggling bank Citigroup and built a stake worth $2.6 billion in the Paramount Global during the first quarter. Home Depot shares climbed about 1.7% following better-than-expected quarterly results. The home improvement retailer also raised its full-year outlook. Walmart shares plunged more than 11% after first-quarter results fell short of expectations. The supermarket giant also cut its guidance for second-quarter and the full-year. ECONOMIC NEWS: The Commerce Department latest data showed retail sales climbed by 0.9% in April after jumping by an upwardly revised 1.4% in March. Industrial Production in the United States increased 6.4% year-on-year in April of 2022, following a downwardly revised 5.4% rise in March. Among Indian ADR, Azure Power Global added 3.45% to $12.60. Dr Reddys Labs added 1.03% to $51.20, HDFC Bank added 2.72% to $54.44, Tata Motors added 5.52% to $27.53, Wipro added 4% to $6.28, and INFOSYS added 3.5% to $19.51. WNS Holdings added 0.45% to $71.50 and ICICI Bank inclined 4.3% to $18.47. Powered by Capital Market – Live News