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Home >> Markets >> Equity >> News >> Foreign Markets Detailed News
US Stocks end with modest gain
(06:54, 02 Jun 2020)
The US equity market finished session higher on Monday, 01 June 2020, as optimism around economic reopening and better than expected US manufacturing data for May. However, market gains capped due to nationwide protests and new trade stresses between China and the US. At closing bell, the Dow Jones Industrial Average rose 91.91 points, or 0.4%, to 25,475.02. The S&P 500 - a gauge of US retirement and education savings accounts, rose 11.42 points, or 0.4%, to 3,055.73. The tech-heavy Nasdaq Composite Index added 62.18 points, or 0.7%, to 9,552.05.

US stocks reversed their earlier losses to finish with modest gains, on hopes that the worst of the economic damage inflicted by the COVID-19 pandemic may have passed. All 50 states have embarked on some stage of reopening from forced shutdowns due to the pandemic.

Risk sentiments also supported by on signs of economic recovery after U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen. The Institute for Supply Management said its manufacturing index climbed to 43.1 last month from an 11-year low of 41.5 in April. Readings under 50 indicate more companies are shrinking instead of expanding.

However, market gains were somewhat capped due to fears of a resurgence of the coronavirus in the United States following a weekend of riots and protests in the US, including outside the White House, in the wake of the death of African American George Floyd in police custody last week.

Market participants also eyed tensions between the U.S. and China, after Chinese government officials ordered companies to halt imports of US farm products. The purchases were a key component in the two countries' phase-one trade deal. The move came after President Donald Trump on Friday said his administration would take action to respond to China's crackdown on Hong Kong, including removing Hong Kong's preferential trade status with the U.S. and requesting a working group study Chinese companies listed on U.S. stock exchanges for potential unfair financial practices.

Reports of a suspension by China of certain U.S. farm purchases still could raise the threat of an erosion of a hard-fought, phase-one trade agreement between the two superpowers signed earlier this year.

Among Indian ADR, ICICI Bank rose 2.53% to $8.92, HDFC Bank rose 1.63% to $42.51, Wipro added 0.91% to $3.34, and Vedanta added 3.28% to $5.04, Tata Motors rose 6.13% to $6.06, WNS Hldings added 1.88% to $49.25, and INFOSYS added 1.76% to $9.26, while Dr Reddys Labs declined 1.82% to $52.47.

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