US Dow extends gain for fifth straight day

U.S. stocks mostly rose on Tuesday, August 16, 2022, with the Dow Jones closing higher for the fifth consecutive session as risk sentiment was boosted by better-than-expected second quarter Walmart and Home Depot. The S&P 500 also joined the Dow Jones in positive territory, while the tech-heavy Nasdaq closed in a rollercoaster session.

At the close of trading, the Dow Jones Industrial Average fell 239.57 points, or 0.71%, to 34,152.01. The S&P500 index rose 8.06 points, or 0.19%, to 4,305.20. The tech-heavy Nasdaq Composite Index fell 25.50 points, or 0.19%, to 13,102.55.

In total, 6 of the 11 S&P sectors finished higher, with Consumer Staples being the best performer, up 1.2%, followed by Consumer Discretionary (up 1.1%).

The real estate sector was the worst performer, wiping out 0.4%, followed by the energy (-0.3%) and information technology (-0.63%) sectors.

The Dow’s continued advance was partly due to strong gains from Walmart and Home Depot after both companies reported better-than-expected second-quarter results. Meanwhile, buying interest was also buoyant in reaction to a report from the Federal Reserve showing US industrial production rose a more than expected 0.6% in July after a revised reading unchanged in June.

However, market gains were capped after Commerce Department reports showing new residential construction fell 9.6% more than expected to an annual rate of 1.446 million in July after falling 2.4% to a rate of 1.559 million in June. Building permits, an indicator of future housing demand, also fell 1.3% to an annual rate of 1.674 million after rising 0.1% to a revised rate of 1.696 million in June.

Among Indian ADRs, Dr Reddy’s Labs rose 0.48% to $53.88, Tata Motors added 2.2% to $31.02, WNS Holdings added 1.2% to $88.48 and ICICI Bank fell 0.67% to $22.35, and INFOSYS rose 0.2% to $20.15. Azure Power Global fell 8.2% to $11.25, Wipro fell 0.5% to $5.48 and HDFC Bank fell 1.3% to $64.94.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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