Comments from Fed Chair Jerome Powell reassured investors that the Fed is prepared to tighten monetary policy to maintain price stability. The Fed chief told the Senate Banking Committee that officials won't hesitate to act if needed to contain price pressures. If we have to raise interest rates more over time, we will, he noted. Noting that the economy was in a much stronger position than the last time the central bank shrank its balance sheet, Powell said no decisions had been made, but it would be quicker this time around. Powell's remarks follow comments from other officials favoring a start to shrinking the Fed's $8.77 trillion balance sheet fairly soon after they begin raising rates.
At the close of trade, the Dow Jones Industrial Average index advanced 183.15 points, or 0.51%, to 36,252.02. The S&P500 index added 42.78 points, or 0.92%, to 4,713.07. The tech-heavy Nasdaq Composite Index added 210.62 points, or 1.41%, to 15,153.45.
Total shares volume turnover on U.S. exchanges stood at 8.74 billion shares, down from yesterday's 10.14 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 2461 to 892 and 141 closed unchanged. In the NASDAQ, 3208 issues advanced, 1440 issues declined, and 265 issues unchanged.
Total 8 of 11 major S&P 500 sector indexes advanced, with top performing issues were energy (up 3.41%), information technology (up 1.21%), materials(up 1.11%), and consumer discretionary (up 1.21%), while bottom performing issues included utilities (down 0.9%).
Among Indian ADR, WNS Holdings added 0.71% to $88.43, Tata Motors added 1.49% to $34.13, HDFC Bank added 0.55% to $71.72, and ICICI Bank added 1.05% to $22.07, INFOSYS added 1.01% to $25.02, Azure Power Global added 4.17% to $15.97, and Wipro added 1.49% to $9.51. Dr Reddys Labs fell 0.38% to $63.43.
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