The US stocks market finished session higher on Thursday, 10 June 2021, with the S&P 500 reached a new record closing high, as investors risk mood were upbeat on hopes that the Federal Reserve will maintain its ultra-accommodative policies despite data showing inflation rising more than expected last month.
At the close of trade, the Dow Jones Industrial Average index advanced 19.10 points, or 0.06%, to 34,466. The S&P 500 index added 19.63 points, or 0.47%, at 4,239. The tech-heavy Nasdaq Composite Index rose 108.58 points, or 0.78%, to 14,020.
Total 7 out of 11 S&P 500 sectors closed up, with healthcare(up 1.7%) was top performer, followed by realty (up 0.95%), information technology (up 0.75%), communication services (up 0.72%), consumer discretionary (up 0.69%), utilities (up 0.68%), and consumer staples (up 0.65%) sectors, while financial (down 1.12%) sector was worst performer, followed by materials (down 0.56%) and industrials (down 0.47%) sectors.
ECONOMIC NEWS: US Consumer Prices Soar To Highest In 13 Years In May- US consumer price index rose by 0.6% in May after climbing by 0.8% in April and above expectations of 0.4% rise, report released by the Labor Department on Thursday showed. About one-third of the increase in consumer prices was due to a 7.3% spike in prices for use cars and trucks. Food prices also rose by 0.4%, while energy prices were unchanged. Excluding food and energy prices, core consumer prices climbed by 0.7% in May following a 0.9% advance in April. Core prices were also expected to rise by 0.4%. The continued increase in core prices reflected the jump in prices for used cars and trucks as well as increases in prices for household furnishings and operations, new vehicles, airline fares, and apparel. The report also showed consumer prices in May were up by 5.0% compared to the same month a year ago, reflecting the biggest spike since August of 2008. The annual rate of core consumer price growth also accelerated to 3.8% in May, which represents the biggest jump since June of 1992.
US Jobless Claims Continue To Slide- US first-time claims for unemployment benefits showed a modest decrease in the week ended June 5th, according to a report released by the Labor Department on Thursday. The report showed initial jobless claims edged down to 376,000, a decrease of 9,000 from the previous week's unrevised level of 385,000. With the slight drop, jobless claims once again fell to their lowest level since hitting 256,000 in the week ended March 14, 2020. The less volatile four-week moving average also dropped to its lowest level in over a year, falling by 25,500 to 402,500 from the previous week's unrevised average of 428,000. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also tumbled by 258,000 to 3.499 million in the week ended May 29th. With the steep drop, continuing claims fell to their lowest level since hitting 3.094 million in the week ended March 21, 2020.
Among Indian ADR, Tata Motors added 0.6% to $23.56, Wipro rose 0.98% to $8.24, Dr Reddys Labs was up 1.14% to $72.61, Vedanta added 0.88% to $14.83, ICICI Bank added 1.03% to $17.61, and INFOSYS added 1.17% to $19.89. WNS Holdings was down 0.68% to $76.07 and HDFC Bank lost 0.01% to $77.24
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