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US Stocks regain ground after Russia softens tone on Ukraine

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Capital Market
Last Updated : Feb 16 2022 | 9:17 AM IST
The US stocks regained ground on Tuesday, 15 February 2022, with all three major indexes settling notable above the unchanged line, amid signs of de-escalating geopolitical tensions along the Russia-Ukraine border after Russia said it pulled back some of the troops massed near its borders with Ukraine.

However, market gains capped on expectations that the Federal Reserve will take on stubbornly persistent inflation by aggressively hiking key interest rates after report from the Labor Department showing U.S. producer prices jumped by much more than expected in the month of January.

At the close of trade, the Dow Jones Industrial Average index surged 422.67 points, or 1.22%, to 34,988.84. The S&P500 index was up 69.40 points, or 1.58%, to 4,471.07. The tech-heavy Nasdaq Composite Index added 348.84 points, or 2.53%, to 14,139.76.

Advancing stocks outnumbered declining ones on the NYSE exchange by 2581 to 786 and 124 closed unchanged. In the NASDAQ, 3788 issues advanced, 973 issues declined, and 191 issues unchanged.

Total 9 of 11 major S&P 500 sector indexes advanced, with top performing issues were information technology (up 2.74%), consumer discretionary (up 2.08%), materials (up 1.89%), and industrials (up 1.51%).

The rebound rally on the Wall Street came on signs of de-escalating geopolitical tensions along the Russia-Ukraine border after Russia said it had withdrawn some of its troops near the Ukraine border, prompting bullish equities sentiment and causing crude prices to slide on easing supply concerns.

ECONOMIC NEWS: The Labor Department latest data showed that producer price index for final demand surged up by 1% in January after rising by an upwardly revised 0.4% in December. Excluding prices for food, energy and trade services, core producer prices advanced by 0.9% in January after climbing by 0.4% in December.

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The Labor Department data also showed that annual rate of producer price growth slowed to 9.7% in January from 9.8% in December. The annual rate of growth in core producer prices also decelerated to 6.9% in January from 7% in December.

Among Indian ADR, Tata Motors added 6.72% to $33.20, INFOSYS added 3.15% to $22.89, Wipro added 4.33% to $7.47, ICICI Bank added 4.28% to $20.46, and WNS Holdings added 2.56% to $86.84. Dr Reddys Labs rose 2.43% to $56.52, HDFC Bank added 3.62% to $68.33, and Azure Power Global added 7.22% to $16.64.

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First Published: Feb 16 2022 | 8:10 AM IST

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