US Market extends gains on Friday

The US share market finished session higher on Friday, 24 June 2022, as investors as continued to pick up stocks at relatively reduced levels following recent weakness. Adding to the positive sentiment was hopes that the Federal Reserve may be less aggressive in its path of rate hikes as economic data weaken.

At the close of trade, the Dow Jones Industrial Average index advanced 823.32 points, or 2.68%, to 31,500.68. The S&P500 index was up 116.01 points, or 3.06%, to 3,911.74. The tech-heavy Nasdaq Composite Index added 375.43 points, or 3.34%, to 11,607.62. For the holiday-shortened week, the Nasdaq soared by 7.5%, while the S&P 500 and the Dow spiked by 6.4% and 5.4%, respectively.

All 11 major S&P sectors ended the session higher, with materials (up 4%), communication services (up 3.9%), financials (up 3.8%), information technology (up 3.6%), and industrials (up 3.5%) issues enjoyed the largest%age gains.

Shares of energy sector gained as the price of crude oil for August delivery shot up $3.35 to $107.62 a barrel after slumping $1.92 to $104.27 a barrel on Thursday. Considerable strength was also visible among semiconductor stocks on bargain buying.

Banking, chemical, steel and retail stocks also showed strong moves to the upside amid broad based buying interest.

ECONOMIC NEWS: Commerce Department released a report showing new home sales surged 10.7% to an annual rate of 696,000 in May after plunging 12.0% to an upwardly revised rate of 629,000 in April.

Meanwhile, a separate report from the University of Michigan showed consumer sentiment index for June was downwardly revised to 50.0 from the preliminary reading of 50.2. The consumer sentiment index fell sharply from the final May reading of 58.4.

Among Indian ADR, Tata Motors advanced 3.1% to $26.67, INFOSYS added 1.3% to $18.67, ICICI Bank added 2.6% to $18.37, HDFC Bank added 2.2% to $57.81, Dr Reddy's Labs inclined 1.7% to $55.92, and Wipro added 1.3% to $5.49. WNS Holdings added 2.5% to $75.08. Azure Power Global fell 4.3% to $13.23.

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