The continued strength on Wall Street was credited to upbeat earnings, strength in consumer spending and signs that inflation was peaking, easing worries about a sharp slowdown in economic growth.
The Commerce Department report showed a slowdown in the pace of core consumer price growth in the month of April, reinforcing optimism that the Federal Reserve will be able to tighten monetary policy without tipping the economy into recession.
At the close of trade, the Dow Jones Industrial Average index rose by 575.77 points, or 1.76%, to 33,212.96. The S&P500 index added 100.40 points, or 2.47%, to 4,158.24. The tech-heavy Nasdaq Composite Index increased by 390.48 points, or 3.33%, to 12,131.13. For the week, the Dow soared by 6.2%, while the S&P 500 and the Nasdaq skyrocketed by 6.6% and 6.8%, respectively.
All 11 major S&P sectors ended the session green, with consumer discretionary (up 3.47%), information technology (up 3.45%), real estate (up 2.82%) and communication services (up 2.62%) issues enjoying the largest percentage gain.
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ECONOMIC NEWS: Commerce Department report showed the annual rate of core consumer price growth slowed to 4.9% in April from 5.2% in March. The report showed personal income rose by 0.4% in April after climbing by 0.5% in March. Meanwhile, the Commerce Department said personal spending advanced by 0.9% in April after surging by an upwardly revised 1.4% in March.
Among Indian ADR, Tata Motors added 0.64% to $28.19, Wipro added 2.7% to $6.10, INFOSYS added 3% to $19, WNS Holdings added 2.2% to $73.80, ICICI Bank added 2% to $19.36, Azure Power Global rose 3.1% to $15.61, and HDFC Bank added 3.6% to $58.94. Dr Reddy's Labs rose 1.9% to $56.31.
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