US Stocks extends gains on upbeat earnings

The US stock market finished session notably higher on Friday, 29 July 2022, registering third day of consecutive gains, on the back of positive earnings news from the latest batch of big-name companies.

At the close of trade, the Dow Jones Industrial Average index surged by 315.50 points, or 0.97%, to 32,845.13. The S&P500 index spurted by 57.86 points, or 1.42%, to 4,130.29. The tech-heavy Nasdaq Composite Index increased by 228.09 points, or 1.88%, to 12,390.69. For the week, the Nasdaq and the S&P 500 surged by 4.7% and 4.3%, respectively, while the Dow gained by 3%.

Total 9 of 11 S&P500 sectors closed higher, with energy issue enjoyed largest percentage gain, rising 4.5%, followed by consumer discretionary (up 4.27%), industrials (up 2%), information technology (up 1.55%), and financials (up 1.4%).

Shares of Amazon moved sharply higher after the online retail giant reported better than expected second quarter revenues and provided upbeat guidance.

Tech giant Apple shares also showed a strong move to the upside after reporting fiscal third quarter results that exceeded market expectation on both the top and bottom lines.

On the other hand, shares of Intel declined after the semiconductor giant reported weaker than expected second quarter results and provided disappointing guidance for the current quarter.

Shares of Procter & Gamble declined after the consumer products giant reported weaker than expected fiscal fourth quarter earnings and forecast results for fiscal 2023 below expectations.

ECONOMIC NEWS: The Commerce Department released a report showing the annual rate of growth by the personal consumption expenditures price index accelerated to 6.8% in June from 6.3% in May. The annual rate of growth by core consumer prices, which exclude food and energy prices, also accelerated to 4.8% in June from 4.7% in May.

Among Indian ADR, Tata Motors added 1.17% to $28.52, INFOSYS added 1.78% to $19.49, Wipro added 1.15% to $5.30, and HDFC Bank added 1.16% to $62.80. ICICI Bank inclined 0.68% to $20.78, WNS Holdings added 0.61% to $86.80, and Azure Power Global added 0.49% to $12.24. Dr Reddy's Labs fell 1.6% to $51.50.

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