US S&P 500, Nasdaq climbs to new records

The US stocks edged slightly higher on Monday, 30 August 2021, with the S&P 500 and the Nasdaq both notched new record closing highs, as positive sentiment was underpinned after the Federal Reserve appeared in no rush to step away from its massive stimulus and on believe that the strength of the economy will continues.

At the close of trade, the Dow Jones Industrial Average index declined 55.96 points, or 0.16%, to 35,399.84. The S&P 500 index added 19.42 points, or 0.43%, to 4,528.79. The tech-heavy Nasdaq Composite Index was up 136.39 points, or 0.9%, to 15,265.89.

Total 7 of 11 S&P500 sectors inclined, while remaining 4 sectors closed down. Real estate (up 1.15%) sector was best performer, followed by information technology (up 1.09%), financials (up 1.3%), consumer discretionary (up 0.92%), and communication services (up 0.74%) sectors, while energy (down 1.16%) was worst performer, followed by financial (down 1.47%) sector.

 

Total volume turnover on U.S. exchanges was 7.46 billion shares, down from previous session volume of 7.64 billion shares. In the NYSE exchange, 1414 issues advanced, 1873 issues declined, and 163 issues closed unchanged. In the NASDAQ, 2054 issues advanced, 2343 issues declined, and 197 issues unchanged.

Positive sentiment in equity markets was underpinned by Friday's Jackson Hole, Wyoming, speech by Fed Chair Jerome Powell in which he said tapering of stimulus measures could begin this year, but will likely not raise interest rates until at least 2023 as it continues to monitor the progress of the economic recovery out of the pandemic.

Among Indian ADR, INFOSYS fell 0.04% to $23.72, Vedanta added 0.74% to $16.37, HDFC Bank added 0.3% to $78.16, Tata Motors added 0.05% to $19.76. Wipro added 0.66% to $9.19, Dr Reddys Labs added 1.59% to $63.18, and ICICI Bank added 0.52% to $19.29. WNS Holdings was up 0.27% to $83.08.

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