At the close of trade, the Dow Jones Industrial Average index advanced 205.57 points, or 0.61%, to 33,949.41. The S&P500 index was up 44.21 points, or 1.1%, to 4,060.43. The tech-heavy Nasdaq Composite Index increased by 199.06 points, or 1.76%, to 11,512.41.
Total 10 of 11 sectors ended higher along with the S&P500 Index. Energy was top performing sector, gaining 3.32%, followed by consumer discretionary (up 2%), communication services (up 2%), and information technology (up 1.6%).
ECONOMIC NEWS: The US economy expanded at an annualized rate of 2.9% in the fourth quarter, the US Bureau of Economic Analysis' (BEA) first estimate showed on Thursday. This reading followed the 3.2% growth recorded in the third quarter. "The increase in real GDP reflected increases in private inventory investment, consumer spending, federal government spending, state and local government spending, and non-residential fixed investment that were partly offset by decreases in residential fixed investment and exports.
The Labor Department also released a report showing initial jobless claims unexpectedly dipped by 6,000 to a nine-month low 186,000 in the week ended January 21st. while the previous week's figure was revised up by 2,000 from 190,000 to 192,000.
Meanwhile, Commerce Department reports also showed a spike in durable goods orders and a continued increase in new home sales. Durable goods orders spiked by 5.6% in December after tumbling by 1.7% in November.
New home sales increased 2.3% to a seasonally adjusted annual rate of 616,000 units in December. November's sales pace was revised lower to 602,000 units from the previously reported 640,000.
COMMODITY NEWS: Crude oil prices rose more than 1% on Thursday on expectations demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data. U.S. crude was up 1.2% to $81.13 per barrel and Brent was at $87.15, up 1.2% on the day.
Among Indian ADR, ICICI Bank added 0.87% to $20.86, INFOSYS was up 1.7% at $18.94, Dr Reddy's labs added 0.27% to $52.50, and WNS Holdings inclined 1.74% to $85.87, HDFC Bank was up 1.6% at $68.01 and Wipro rose 0.6% to $4.95. Azure Power Global declined 2.8% to $4.15. Tata Motors was steady at $25.14.
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