Meanwhile, bargain buying gained further support after a rise in U.S. jobless claims that suggested the Federal Reserve's hawkish monetary policy are reducing inflationary pressures.
At the close of trade, the Dow Jones Industrial Average index surged 345.09 points, or 1.05%, to 33,220.80. The S&P500 index spurted 66.06 points, or 1.75%, to 3,849.28. The tech-heavy Nasdaq Composite Index increased 254.80 points, or 2.59%, to 10,478.09.
All 10 sectors ended higher along with the S&P500 Index. Communication services was the top performing sector, rising 2.7%, followed by information technology (up 2.64%), consumer discretionary (up 2.57%), real estate (up 2.16%), and financials (up 1.43%) sectors.
ECONOMIC NEWS: The Labor Department released a report showing initial jobless claims crept up to 225,000, an increase of 9,000 from the previous week's unrevised level of 216,000. Meanwhile, the Labor Department said the less volatile four-week moving average edged down to 221,000, a decrease of 250 from the previous week's revised average of 221,250.
Among Indian ADR, Wipro advanced 1.75% to $4.65, INFOSYS was up 1.56% at $18.24, HDFC Bank added 1.2% to $68.38, and ICICI Bank rose 1.2% to $22.10, WNS Holdings added 2% to $80.23, and Tata Motors fell 0.4% at $23.21. Dr Reddy's labs added 0.8% to $52.12 and Azure Power Global added 7.1% to $4.37.
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