US Market closes higher

The US stock market finished session modestly higher on Friday, 13 January 2023, as upbeat consumer sentiment and inflation expectations data helped offset warnings from major banks of tough economic times ahead.

The At the close of trade, the Dow Jones Industrial Average index advanced 112.64 points, or 0.33%, to 34,302.61. The S&P500 index added 15.92 points, or 0.4%, to 3,999.09. The tech-heavy Nasdaq Composite Index increased 78.05 points, or 0.71%, to 11,079.16.

For the week, the Nasdaq surged by 4.8%, while the S&P 500 and the Dow jumped by 2.7% and 2.0%, respectively.

Total 8 of 11 sectors ended higher along with the S&P500 Index. Consumer discretionary was the top performing sector, rising 0.97%, followed by financials (up 0.71%), materials (up 0.67%), and communication services (up 0.54%). Real estate was worst performing sector, erasing 0.61%.

Executives from JPMorgan, Citigroup, and Bank of America said they expect a mild recession to hit the economy this year. JPMorgan CEO Jamie Dimon pointed to several headwinds that could rattle the economy, such as the ongoing war in Ukraine, high interest rates, and inflation, which is still well-above the Federal Reserve's 2% target.

ECONOMIC NEWS: The US Michigan consumer sentiment survey clocked in at a nine-month high of 64.6 in January, up from 59.7 in December. University of Michigan consumer sentiment survey showed the one-year inflation outlook down to 4%, the third straight monthly decrease and the lowest level since April 2021.

Among Indian ADR, HDFC Bank was up 1.2% at $67.52, INFOSYS was up 0.65% at $18.52, Dr Reddy's labs added 0.43% to $53.60, and ICICI Bank added 1.3% to $21.67. WNS Holdings declined 0.55% to $84.87, Tata Motors sank 0.9% at $24.91, and Azure Power Global fell 6.5% to $4.00. Wipro fell 1% to $4.79.

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