US Stocks gain on upbeat earnings
(20 Oct 2021, 07:43)
The US stocks moved up on Tuesday, 19 October 2021, with the major three indexes- the S&P500, the Nasdaq, and the Dow finishing higher, as investors chased for bargain buying after encouraging earnings news from top name companies - Travelers Companies Inc. (TRV), Johnson & Johnson (JNJ), Procter & Gamble (PG) and Netflix (NFLX).

At the close of trade, the Dow Jones Industrial Average index advanced 198.70 points, or 0.56%, to 35,457.31. The S&P500 index added 33.17 points, or 0.74%, to 4,519.63. The tech-heavy Nasdaq Composite Index grew 107.28 points, or 0.71%, to 15,129.09.

Total volume turnover on U.S. exchanges stood at 8.17 billion shares. In the NYSE exchange, 1873 issues advanced, 1405 issues declined, and 157 issues closed unchanged. In the NASDAQ, 2807 issues advanced, 1652 issues declined, and 244 issues unchanged.

Total 10 of 11 sectors ended up along with the S&P500 index, with healthcare (up 1.3%) was top gaining sector, followed by utilities (up 1.26%), energy (up 1.15%), financials (up 1%), and information technology (up 0.97%), while consumer discretionary (down 0.3%) was worst performing sector.

After releasing earnings results, shares in Johnson & Johnson rose by 2.3% with Travelers up 1.6%. But Procter & Gamble fell by 1.2% after highlighting rising commodity and freight costs. Shares in Atea Pharmaceuticals fell 66% after its experimental COVID-19 antiviral pill failed to help patients with mild and moderate Covid-19.

ECONOMIC NEWS: a report released by the Commerce Department latest report showed housing starts fell by 1.6% to an annual rate of 1.555 million in September from a revised rate of 1.580 million in August. The report also showed building permits plunged by 7.7% to an annual rate of 1.589 million from a revised rate of 1.721 million in August.

Among Indian ADR, Wipro added 0.7% to $9.95, ICICI Bank added 0.95% to $20.09, INFOSYS added 1.85% to $24.22, HDFC Bank rose 2.75% to $78.40, and WNS Holdings added 0.74% to $83.49. Dr Reddys Labs dropped 1.25% to $63.84, Vedanta fell 3.29% to $19.42, and Tata Motors fell 5.3% to $32.

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