At the close of trade, the Dow Jones Industrial Average index fell 54.57 points, or 0.16%, to 34,934.27. The S&P500 index was up 3.94 points, or 0.09%, to 4,475.01. The tech-heavy Nasdaq Composite Index shed 15.66 points, or 0.11%, to 14,124.09.
Advancing stocks outnumbered declining ones on the NYSE exchange by 2108 to 1243 and 133 closed unchanged. In the NASDAQ, 2429 issues advanced, 2266 issues declined, and 252 issues unchanged.
Total 9 of 11 major S&P 500 sector indexes advanced, with top performing issues were energy (up 0.76%), materials (up 0.65%), industrials (up 0.52%), and consumer discretionary (up 0.27%).
The Federal Open Market Committee at its Jan. 25-26 meeting repeated its belief inflation will slow as supply issues and demand pressures recede but conceded inflation is broader than previously expected and the risks are tilted toward the upside. Minutes released Wednesday showed that "members continued to stress that maintaining flexibility to implement appropriate policy adjustments on the basis of risk-management considerations should be a guiding principle in conducting policy in the current highly uncertain environment." "Most participants noted that, if inflation does not move down as they expect, it would be appropriate for the committee to remove policy accommodation at a faster pace than they currently anticipate."
ECONOMIC NEWS: US Retail Sales Surge 3.8% In January- US retail sales soared by 3.8% in January after plunging by a revised 2.5% in December, according to a report released by the Commerce Department on Wednesday. Sales by non-store retailers helped to lead the turnaround, skyrocketing by 14.5% in January after plummeting by 11.4% in December. The report also showed significant rebounds in sales by department stores, furniture and home furnishings stores and motor vehicle and parts dealers. Excluding the sharp increase in motor vehicle and parts sales, retail sales still spiked by 3.3% in January following a 2.8% nosedive in December. Ex-auto sales were expected to increase by 0.8%.
US Industrial Production Rebounds In January- US industrial production jumped by 1.4% in January after edging down by 0.1% in December, the Federal Reserve reported on Wednesday. The much bigger than expected rebound in industrial production was led by a spike in utilities output, which skyrocketed by 9.9% in January after tumbling by 1.8% in December. Utilities output soared as the demand for heating surged amid the arrival of significantly colder-than-normal temperatures. The report showed mining output also increased by 1% in January after jumping by 1.5% in December, while manufacturing output crept up by 0.2% after dipping by 0.1% in the previous month.
Among Indian ADR, Tata Motors fell 0.45% to $33.05, INFOSYS sank 0.22% to $22.82, Wipro fell 0.27% to $7.45, HDFC Bank shed 1.2% to $67.52, ICICI Bank shed 1.42% to $20.17, and WNS Holdings sank 0.44% to $85.45. Dr Reddys Labs rose 0.41% to $56.75and Azure Power Global added 0.72% to $16.76.
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