US Market extends rally to second day with eyes on Jackson Hole

The US stock market finished higher for second straight session on Thursday, 25 August 2022, as bargain buying continued across the sectors ahead of Federal Reserve Chair Jerome Powell's speech in the Jackson Hole Symposium, Wyoming on Friday, for clues about the bank's outlook for the economy and interest rates.

At the close of trade, the Dow Jones Industrial Average index advanced 322.55 points, or 0.98%, to 32,291.78. The S&P500 index was up 58.35 points, or 1.41%, to 4,199.12. The tech-heavy Nasdaq Composite Index increased by 207.74 points, or 1.67%, to 12,639.27.

All 11 S&P sectors ended higher, with materials sector was top percentage gainer, rising 2.26%, followed by communication services (up 2.06%), information technology (up 1.68%), financials (up 1.5%), and industrials (up 1.5%) sectors.

Nvidia shares advanced more than 4%, recovering after early weakness, despite the company reporting weaker-than-expected quarterly results, and lowering its earnings guidance.

Electric-vehicle maker Tesla Inc slid 0.35% after a 3-for-1 stock split came into effect.

Citigroup Inc climbed 2.1% after saying it plans to close its consumer and commercial banking businesses in Russia starting this quarter.

Salesforce Inc fell 3.4% after it reported solid quarterly results but gave a gave weaker than expected third quarter and full-year guidance on earnings and revenue,

Snowflake jumped 23.1% after the cloud data platform provider surpassed revenue expectations in its most recent quarter. Snowflake said product revenue grew 83% year over year.

Among Indian ADR, Dr Reddy's Labs added 0.1% to $53.16, Azure Power Global rose 1.7% to $11.13. WNS Holdings added 2.2% to $87.36, and Wipro was up 0.4% to $5.20. Tata Motors fell 0.1% to $29.20, HDFC Bank fell 0.2% to $62.75, ICICI Bank fell 0.05% to $21.92, and INFOSYS was down 0.4% at $19.18.

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