The continued strength on Wall Street partly reflected increasingly optimism about the highly anticipated consumer price inflation report due to be released on Thursday which would provide more clues on the Federal Reserve's rate hike trajectory.
The December CPI report will inform investors as to whether the Federal Reserve needs to move forward with more aggressive interest rate hikes to tame inflation, or if the central bank can pull back as inflation is showing signs of steadily cooling off.
The At the close of trade, the Dow Jones Industrial Average index surged 268.91 points, or 0.8%, to 33,973.01. The S&P500 index added 50.36 points, or 1.28%, to 3,969.61. The tech-heavy Nasdaq Composite Index increased 189.04 points, or 1.76%, to 10,931.67.
All 11 sectors ended higher along with the S&P500 Index. Real estate was the top performing sector, rising 3.6%, followed by consumer discretionary (up 2.68%), information technology (up 1.75%), and materials (up 1.61%).
Interest rate-sensitive commercial real estate stocks moved sharply higher on the day on hopes Fed eases on its rate-hiking campaign. Substantial strength was also visible among housing stocks. Retail stocks also turned in a strong performance. Software, chemical and transportation stocks also saw considerable strength, moving higher along with most of the other major sectors.
Among Indian ADR, HDFC Bank was up 1.52% at $66.58, Wipro added 1.27% to $4.79, INFOSYS was up 1.63% at $18.12, ICICI Bank added 0.94% to $21.45, Tata Motors added 1.43% at $25.54, and WNS Holdings inclined 1.8% to $84.77. Dr Reddy's labs declined 1.2% to $52.59 and Azure Power Global fell 6.1% to $4.61.
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