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US Stocks Closes on Strong Note

US Stocks Closes on Strong Note

he US stocks were mostly higher on Monday, 23 August 2021, with the major averages all closed on a strong note, as firm commodity prices and the U. S. drug regulator’s full approval for Pfizer-BioNTech coronavirus vaccine aided sentiment. However, market gains capped on caution ahead of the Federal Reserve’s annual Jackson Hole conference later in the week for clues on possible asset purchase tapering timeline.

At the close of trade, the Dow Jones Industrial Average index advanced 215.63 points, or 0.61%, to 35,335.71. The S&P 500 index added 37.86 points, or 0.85%, to 4,479.53. The tech-heavy Nasdaq Composite Index was up 227.99 points, or 1.55%, to 14,942.65.

All 7 of 11 S&P500 sectors advanced, while remaining 4 sectors closed down.

Energy (up 3.77%) sector was top leader, followed by consumer discretionary (up 1.36%), communication services (1.27%), and Information technology (up 1.27%) sectors, while utilities (down 1.3%) was worst performing sector, followed by real estate (down 0.4%) sector.

Total volume turnover on U. S. exchanges was 7.73 billion shares, down from previous session volume of 7.74 billion shares. In the NYSE exchange, 2281 issues advanced, 1062 issues declined, and 162 issues closed unchanged. In the NASDAQ, 3314 issues advanced, 1157 issues declined, and 188 issues unchanged.

The Covid-19 vaccine from Pfizer and partner BioNTech received full approval from U. S. regulators, which many public health officials and vaccine experts hope will encourage hesitant populations to get the shot.

Among Indian ADR, INFOSYS added 0.92% to $24.10, Wipro added 2.25% to $9.09, WNS Holdings added 1.94% to $83.42, Vedanta added 1.79% to $14.79, and ICICI Bank rose 0.38% to $18.62. HDFC Bank dropped 0.79% to $77.35, Dr Reddys Labs fell 0.33% to $61.13, and Tata Motors fell 2.19% to $18.73.