US Stocks gain with eyes on Jackson Hole

The US stock market finished choppy session modestly higher on Wednesday, 24 August 2022, thanks to bargain buying on recently battered stocks, with shares in the energy and financials sectors being notable gains.

However, market gains were limited as investors took to the sidelines ahead to Fed Chair Jerome Powell's speech at the central bank's economic symposium at Jackson Hole, 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 rose 59.64 points, or 0.18%, to 32,969.23. The S&P500 index was up 12.04 points, or 0.29%, to 4,140.77. The tech-heavy Nasdaq Composite Index increased by 50.23 points, or 0.41%, to 12,431.53.

All 11 S&P sectors ended higher, with energy sector was top percentage gainer, rising 1.2%, followed by real estate (up 0.7%), financials (up 0.5%), consumer discretionary (up 0.4%), and communication services (up 0.4%) sectors.

Tesla Inc gained almost 1% ahead of its stock split, while Intuit Inc rallied 4% after the accounting software maker forecast upbeat fiscal 2023 revenue. Salesforce Inc climbed 2% ahead of the business software seller's quarterly report after the bell,

ECONOMIC NEWS: Data from the Commerce Department showed new orders for U.S. manufactured durable goods came in unchanged in July after increase by an upwardly revised 2.2 percent in June.

Data from the National Association of Realtors showed that pending home sales dropped by 19.89 percent in July, after falling by an upwardly revised 20.2 percent in June.

Among Indian ADR, Dr Reddy's Labs added 0.76% to $53.11, Tata Motors added 1.2% to $29.24, HDFC Bank climbed up 1% to $62.85, ICICI Bank grew 1.1% to $21.93, and Azure Power Global rose 3.2% to $10.94. WNS Holdings fell 0.9% to $85.46 and Wipro was down 0.2% to $5.18. INFOSYS was steady at $19.25.

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