US Wall Street climbs on earnings, retail sales data

The US share market finished session higher on Friday, 15 July 2022, as investors responded positively to the latest earnings news and slew of U.S. economic data, including retail sales data.

At the close of trade, the Dow Jones Industrial Average index advanced 658.09 points, or 2.15%, to 31,288.26. The S&P500 index was up 72.78 points, or 1.92%, to 3,863.16. The tech-heavy Nasdaq Composite Index added 201.24 points, or 1.79%, to 11,452.42. For the week, the Nasdaq slumped by 1.6%, the S&P 500 slid by 0.9% and the Dow edged down by 0.2%.

All 11 major S&P sectors ended the session up, with financials (up 3.5%), healthcare (up 2.5%), communication services (up 2.2%), energy (up 1.9%), and information technology (up 1.8%) issues suffered largest percentage gains.

Shares of Citigroup moved sharply higher after the financial giant reported better than expected second quarter results.

Health insurer and Dow component UnitedHealth also posted a strong gain after reporting better than expected second quarter results and raising its full-year guidance.

Shares of Wells Fargo also showed a notable move to the upside even though the mortgage banking giant reported weaker than expected second quarter results.

ECONOMIC NEWS: Report from the Commerce Department showed retail sales jumped 1% in June after edging down by a revised 0.1% in May. Excluding sales by motor vehicle and parts dealers, retail sales still surged by 1% following a 0.6% increase in May.

A separate report from the University of Michigan unexpectedly showed the consumer sentiment index inched up to 51.1 in July from a record low 50.0 in June. Inflation expectations also eased slightly, with one-year inflation expectations dipping to 5.2% in July from 5.3 in June and five-year inflation expectations slipping to 2.8% from 3.1%.

Among Indian ADR, ICICI Bank added 0.6% to $19, Tata Motors added 3.3% to $27.82, WNS Holdings added 3.1% to $77.26, HDFC Bank added 1.7% to $58, Wipro added 0.8% to $5.05, and INFOSYS added 1.5% to $18.17. Azure Power Global fell 1% to $10.91 and Dr Reddy's Labs fell 0.2% to $57.18.

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