US Stocks end higher in volatile trade

The US stocks mostly moved up in volatile trade on Wednesday, 29 September 2021, with the S&P500 and the Dow finishing higher, while the tech-heavy Nasdaq settled lower. The volatility on Wall Street came as traders chased for bargain hunting following the sell-off seen on Tuesday, while keeping a close eye on the bond markets after the recent surge by treasury yields.

The government bond yields drifted lower on Wednesday after an increase in bond yields, the yield on 10-year Treasury notes, above 1.5% on Tuesday for the first time since June. On Wednesday, the yield on the 10-year ticked down about 0.01%, or one basis point, but remained above 1.5%.

 

At the close of trade, the Dow Jones Industrial Average index rose 90.73 points, or 0.26%, to 34,390.72. The S&P500 index added 6.83 points, or 0.16%, to 4,359.46. The tech-heavy Nasdaq Composite Index dropped 34.24 points, or 0.24%, to 14,512.44.

Total 8 of 11 S&P500 sectors advanced, with utilities (up 1.3%) was best performing sector, followed by consumer staple (up 0.87%), healthcare (up 0.77%), and real estate (up 0.67%), while materials (down 0.4%) was worst performing sector.

Total volume turnover on U.S. exchanges stood at 9.32 billion shares, down from yesterday's 9.65 billion shares. In the NYSE exchange, 1948 issues advanced, 1370 issues declined, and 111 issues closed unchanged. In the NASDAQ, 1887 issues advanced, 2552 issues declined, and 232 issues unchanged.

ECONOMIC NEWS: US Pending Home Sales Rebound Sharply In August - US pending home sales soared by 8.1% to 119.5 in August after tumbling by 2.0% to a revised 110.5 in July, the National Association of Realtors reported on Wednesday. Pending home sales skyrocketed by much more than expected in the month of August, after reporting two straight monthly decreases. The pending home sales index reached its highest level since January but was still down by 8.3% compared to the same month a year ago. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

Among Indian ADR, Wipro added 0.68% to $8.89, INFOSYS added 1.77% to $22.48, Dr Reddys Labs added 0.88% to $65.18, and Vedanta added 1.78% to $15.48. WNS Holdings rose 1.02% to $82.55, HDFC Bank climbed up 1.71% to $73.24, Tata Motors added 1.18% to $22.33, and ICICI Bank rose 1.21% to $19.21.

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