US Market bounces on bargain buying

The US share market finished session sharply higher on Tuesday, 21 June 2022, as traders picking up stocks at a bargain after the recent sell-off in the markets.

Investors are pivoting to Fed Chair Jerome Powell's testimony to the U.S. Senate Banking Committee on Wednesday for clues on future interest rate hikes and his latest views on the economy.

At the close of trade, the Dow Jones Industrial Average index advanced by 641.47 points, or 2.15%, to 30,530.25. The S&P500 index was up 89.95 points, or 2.45%, to 3,764.79. The tech-heavy Nasdaq Composite Index gained by 270.95 points, or 2.51%, to 11,069.30.

All 11 major S&P sectors ended the session higher, with energy (up 5.1%), consumer discretionary (up 2.8%), consumer staples (up 2.7%), healthcare (up 2.6%), and information technology (up 2.5%) issues enjoyed the largest%age gains.

Shares of Valneva skyrocketed after drug giant Pfizer agreed to acquire an 8.1% stake in the French vaccine maker for $95 million.

Kellogg Co shares rose about 2% after the breakfast cereal maker said it was splitting into three companies.

Shares of Spirit soared after JetBlue sweetened its takeover offer for the discount airline to $33.50 per share to accept its offer over rival Frontier Airlines' proposal.

Electric car maker Tesla shares gained after CEO Elon Musk statement that the company's salaried workforce would be cut by about 10% over the next three months.

ECONOMIC NEWS: the National Association of Realtors said existing home sales plunged by 3.4% to an annual rate of 5.41 million in May after slumping by 2.6% to a revised rate of 5.60 million in April.

Among Indian ADR, WNS Holdings added 1.2% to $71.15, Tata Motors added 3.6% to $26.08, INFOSYS added 2.7% to $18.77, ICICI Bank added 3.5% to $18.01, HDFC Bank added 4.7% to $55.98, Dr Reddy's Labs inclined 3.6% to $55.10, and Wipro added 5.4% to $5.49. Azure Power Global sank 5.3% to $11.56.

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