The US stock market finished the session at new records on Friday, 27 August 2021, as risk sentiments underpinned after Fed Chair Jerome Powell signaled the central bank could slow its stimulus by the end of the year but is in no rush to raise rates.
The Federal Reserve’s Jerome Powell said at the annual Jackson Hole symposium that the central bank is likely to begin tapering some of its easy-money policies before the end of the year. However, he added that he still feels there’s “much ground to cover” before rate hikes.
At the close of trade, the Dow Jones Industrial Average index advanced 242.68 points, or 0.69%, to 35,455.80. The S&P 500 index added 39.37 points, or 0.88%, to 4,509.37. The tech-heavy Nasdaq Composite Index was up 183.69 points, or 1.23%, to 15,129.50. For the week, the Dow was up about 1%, meanwhile, the S&P 500 index and the Nasdaq gained 1.5% and 2.8%, respectively.
Total 9 of 11 S&P500 sectors declined, while remaining sector closed up. Energy (up 2.62%) sector was best performer, followed by communication services (up 1.6%), financials (up 1.3%), materials (up 1.33%), information technology (up 1%) sectors.
Total volume turnover on U. S. exchanges was 7.64 billion shares, up from the previous session volume of 7.07 billion shares.
In the NYSE exchange, 2731 issues advanced, 568 issues declined, and 130 issues closed unchanged. In the NASDAQ, 3374 issues advanced, 992 issues declined, and 193 issues unchanged.
ECONOMIC NEWS: The Commerce Department data released on Friday showed that personal household income in the U. S. increased by 1.1% in July, after a revised 0.2% advance in June. Meanwhile, personal spending rose by 0.3% in July, after rising by an upwardly revised 1.1% in June. Wholesale inventories in the U. S. increased 0.6% month-over-month to $722 billion in July, cooling from an upwardly revised 1.2% rise in June.
The University of Michigan’s consumer sentiment for the US was revised to 70.3 in August, from a preliminary reading of 70.2.
Among Indian ADR, INFOSYS added 0.3% to $23.73, Vedanta added 5.04% to $16.25, HDFC Bank added 0.89% to $77.94, Tata Motors added 4.5% to $19.75. Wipro added 1.44% to $9.13, Dr Reddys Labs added 3.34% to $62.20, and ICICI Bank added 2.4% to $19.19. WNS Holdings was up 1.3% to $82.90.