The early weakness on Wall Street came following the release of a Commerce Department report showing a continued contraction in U.S. economic activity in the second quarter of 2022.
At the close of trade, the Dow Jones Industrial Average index surged by 332.04 points, or 1.03%, to 32,529.63. The S&P500 index spurted by 48.82 points, or 1.21%, to 4,072.43. The tech-heavy Nasdaq Composite Index increased by 130.17 points, or 1.08%, to 12,162.59.
Total 10 of 11 S&P500 sectors closed higher, with real estate issue enjoyed largest percentage gain, rising 3.7%, followed by utilities (up 3.5%), industrials (up 2.07%), materials (up 1.69%), and consumer discretionary (up 1.67%).
Ford Motor shares climbed up 6.1% after the company reaffirmed its 2022 outlook and hiked the Ford stock dividend after crushing earnings estimates for the second quarter.
On the flip side, shares of Meta Platforms dipped 5.2% after the parent of Facebook and Instagram reported weaker than expected second quarter results, including its first ever year-over-year drop in revenues.
Shares of Comcast slid 9.1% after reporting it failed to add broadband subscribers for first time ever.
ECONOMIC NEWS: The Commerce Department said real gross domestic product decreased by 0.9% in the second quarter after slumping by 1.6% in the first quarter.
Among Indian ADR, Tata Motors added 2.47% to $28.19, INFOSYS added 2.35% to $19.15, Wipro added 1.55% to $5.24, and HDFC Bank added 3.55% to $62.08. ICICI Bank inclined 2.18% to $20.64, WNS Holdings added 2.7% to $86.27, and Azure Power Global added 6.28% to $12.18. Dr Reddy's Labs fell 3.8% to $52.33.
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