At the close of trade, the Dow Jones Industrial Average index advanced 765.38 points, or 2.66%, to 29,490.89. The S&P500 index increased by 92.81 points, or 2.59%, to 3,678.43. The tech-heavy Nasdaq Composite Index spurted 239.82 points, or 2.27%, to 10,815.43.
All 11 S&P 500s sector indexes finished higher, with energy, materials, industrials, and information technology issues gaining over 3%.
Shares of energy companies advanced on tracking a jump in crude prices as sources said the Organization of the Petroleum Exporting Countries and its allies are considering their biggest output cut since the start of the COVID-19 pandemic. Oil majors Exxon Mobil Corp and Chevron Corp rose more than 5%.
Megacap growth and technology companies such as Apple Inc and Microsoft Corp rose over 3% respectively, while banks advanced 3%.
Tesla plunged more than 8% after it sold fewer-than-expected vehicles in the third quarter as deliveries lagged way behind production due to logistic hurdles. Tesla delivered a record 343,830 cars worldwide in the third quarter.
ECONOMIC NEWS: The Institute for Supply Management report showed that manufacturing PMI fell to 50.9 in September from 52.8 in August, although a reading above 50 still indicates growth in the sector.
A report released by the Commerce Department showed construction spending in the U.S. fell by 0.7 percent to an annual rate of $1.781 trillion in August after sliding by 0.6 percent to a revised rate of $1.794 trillion in July.
Among Indian ADR, ICICI Bank added 0.43% to $21.06, Tata Motors added 0.4% to 24.36, Dr Reddy's Labs added 3.5% to $54.16, INFOSYS was up 0.5% to $17.05, and Wipro gained 1.7% to $4.79. Azure Power Global added 10.8% to $6.14. HDFC Bank fell 0.15% to $58.33 and WNS Holdings shed 0.01% to $81.83.
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