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  • US Stocks end mixed

    13-May-2022 | 09:26

    The US stocks closed volatile session mixed on Thursday, 12 May 2022, with the Dow Jones Industrial Average and the S&P 500 settling edge below neutral line, while the Nasdaq managed to cling gain line.

    After plunging almost 2% earlier in the session, the S&P 500 index almost erased its losses into the close of trade after Federal Reserve Bank of San Francisco President Mary Daly said that a 75 basis point rate hike is not a primary consideration.

    At the close of trade, the Dow Jones Industrial Average index declined 103.81 points, or 0.33%, to 31,730.30. The S&P500 index sank 5.10 points, or 0.13%, to 3,930.08. The tech-heavy Nasdaq Composite Index added 6.73 points, or 0.06%, to 11,370.96.

    Advancing stocks outnumbered declining ones on the NYSE exchange by 1714 to 1680 and 105 closed unchanged. In the NASDAQ, 2668 issues advanced, 2226 issues declined, and 225 issues unchanged.

    Total 6 of 11 major S&P 500 sector indexes advanced with top performing issues were healthcare (up 0.92%), consumer discretionary (up 0.8%), and real estate (up 0.74%), while the bottom performing issues included information technology (down 1.14%) and financial (down 0.7%).

    The volatility on Wall Street came amid lingering worries that more aggressive moves by the Federal Reserve and other central banks in an effort to combat elevated inflation could lead to a period of stagflation or an outright recession.

    Adding to the worries, the Labor Department released a report this morning showing the annual rate of producer price growth slowed to 11% in April from a record high 11.5% in March. Core producer prices, which exclude prices for food, energy and trade services, were up by 6.9% compared to a year ago, reflecting a modest slowdown from the 7.1% spike seen in the previous month.

    A separate report released by the Labor Department showed initial jobless claims crept up to 203,000, an increase of 1,000 from the previous weeks revised level of 202,000.

    Among Indian ADR, Wipro added 3.5% to $6.22, Azure Power Global added 1.55% to $11.83. Dr Reddys Labs added 1.27% to $50.25, and INFOSYS added 0.62% to $19.53. HDFC Bank fell 1.03% to $52.80, ICICI Bank declined 1.65% to $17.88, Tata Motors fell 1.4% to $24.12, and WNS Holdings fell 0.76% to $69.04.

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