US market extends losses on profit booking

The US equity market ended lower for the second consecutive session on Thursday, March 31, 2022, as profit-taking continued on recent market strength and concerns lingered over the continuing conflict in Ukraine.

Meanwhile, the selloff was also fueled by concerns over the Federal Reserve’s response as a key gauge of US inflation rose further and out of caution ahead of the release of the monthly jobs report closely. monitored by the Labor Department on Friday.

At the close of trading, the Dow Jones Industrial Average fell 550.46 points, or 1.56%, to 34,678.35. The S&P500 index fell 72.04 points, or 1.57%, to 4,530.52. The tech-heavy Nasdaq Composite Index fell 221.76 points, or 1.54%, to 14,220.52.

For the quarter ended March 2022, the Nasdaq fell 9.1% and the S&P 500 and Dow plunged 4.9% and 4.6%, respectively.

Falling stocks outnumbered rising ones on the NYSE in 2042 at 1349 and 117 closed unchanged. At NASDAQ, 1734 numbers advanced, 3097 numbers declined and 253 numbers remained unchanged.

All 11 major S&P 500 sector indices declined, with the worst performing sectors being Financials (down 2.32%), Communication Services (down 2.01%), Consumer Discretionary (down 1.95% %), information technology (down 1.59%) and industrials (down 1.57%). %).

ECONOMIC NEWS: Weekly U.S. jobless claims edge up – U.S. initial jobless claims edged up to 202,000 in the week ended March 26, an increase of 14,000 from the revised level of 188,000 from the previous week, the Labor Department reported Thursday. The figure originally reported for the previous week reflected the lowest number of jobless claims since September 1969.

A separate Commerce Department report showed the annual rate of growth in core consumer prices accelerated to 5.4% in February from 5.2% in January.

Among Indian ADRs, WNS Holdings fell 1.46% to $85.49, Dr Reddy’s Labs fell 1.61% to $55.73, INFOSYS fell 0.32% to $24.89, Wipro fell 1.78% to $7.71, Tata Motors fell 1.06% to $27.95, Azure Power Global fell 5.5% to $16.64 and ICICI Bank fell 0.37% to $18.94. HDFC Bank added 0.16% to $61.33.

Powered by Capital Market – Live News

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

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor