At the close of trade, the Dow Jones Industrial Average index advanced 265.67 points, or 0.78%, to 34,156.69. The S&P500 index was up 52.92 points, or 1.29%, to 4,164. The tech-heavy Nasdaq Composite Index increased by 226.34 points, or 1.9%, to 12,113.79.
Total 8 of 11 sectors ended higher along with the S&P500 Index. Energy was bottom performing sector, adding 3.08% followed by information technology (up 2.5%), communication services (up 2.5%), and materials (up 1.3%) sectors.
Wall Street markets rebounded on Positive reaction to Federal Reserve Chair Jerome Powell's remarks at the Economic Club of Washington. Powell said inflation is beginning to ease, though he expects it to be a long process and cautioned that interest rates could rise more than markets expect if the economic data doesn't cooperate. "The disinflationary process, the process of getting inflation down, has begun and it's begun in the goods sector, which is about a quarter of our economy," Powell said during an event in Washington, D.C. "But it has a long way to go. These are the very early stages."
Markets currently expect the Fed to raise rates a quarter percentage point each at the March and May meetings, then pause and possibly cut before the end of the year.
Among individual stocks, Zoom Video shares surged after the company announced plans to cut about 1,300 employees, or 15% of its workforce. The stock is up more than 24% so far this year.
ECONOMIC NEWS: Official data showed U.S. trade deficit widened to $67.4 billion in December 2022, from a downwardly revised $61 billion in November. Exports increased 17.7% in the month, while imports jumped 16.3%.
Among Indian ADR, ICICI Bank added 0.4% to $20.72, INFOSYS was up 1.1% at $19.02, WNS Holdings added 1.4% to $88.17, Dr Reddy's labs added 2.4% to $54.22, and HDFC Bank added 0.4% at $67.19. Azure Power Global fell 0.5% to $4.07. Wipro was steady at $4.86.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
