US Market ends mostly in record territory

The US stock market finished session mostly in record territory on Tuesday, 18 August 2020, with S&P500 and Nasdaq Composite Index notched a record close. The recovery was due to a combination of unprecedented fiscal and monetary stimulus in response to the pandemic, as well as hopes for a swift economic rebound.

However, market gains capped amid ongoing wrangling in Congress over further coronavirus aid and concerns about how the economy will fare when an unprecedented raft of fiscal stimulus eventually burns off.

At closing bell, the Dow Jones Industrial Average index fell 66.84 points, or 0.24%, to 27,778.07. The S&P 500 index added 7.79 points, or 0.23%, to 3,389.78. The tech-heavy Nasdaq Composite Index grew 81.12 points, or 0.73%, to 11,210.84.

 

In economic reports, U.S. home builders began construction on homes at a seasonally-adjusted annual rate of 1.496 million in July, up 22.6% from the previous month and 23.4% from a year ago, the U.S. Census Bureau reported Tuesday, underscoring a powerful turnaround for coronavirus-stricken market.

Among Indian ADR, Vedanta declined 0.15% to $6.74, Wipro fell 0.23% to $4.30, WNS Holdings shed 0.29% to $66.20, INFOSYS advanced 0.85% to $12.98, ICICI Bank added 3.02% to $10.22, Tata Motors rose 2.19% to $8.39, and HDFC Bank was up 3.71% to $47.57. Azure Power Global dropped 1.97% to $23.39 and Dr Reddys Labs declined 0.31% to $60.93.

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