The US markets managed to keep their head above water and the major averages snapped Friday’s session with marginal gains, with the Dow extending its winning streak to eleven sessions to reach a new record closing high. Markets made a choppy start as traders opted to book profit off the table, but buying in last leg of trade helped markets to regain green terrain amid optimism about lower taxes and reduced regulations under President Donald Trump. On the U.S. economic front, the Commerce Department released a report showing that new home sales rebounded in the month of January. The Commerce Department said new home sales climbed by 3.7 percent to an annual rate of 555,000 in January after slumping by 7.0 percent to a revised 535,000 in December. However, street had expected new home sales to jump by 7.5 percent to 576,000 from the 536,000 originally reported for the previous month. A separate report from the University of Michigan showed that consumer sentiment pulled back by less than initially estimated in the month of February. The report said the consumer sentiment index for February was upwardly revised to 96.3 from a preliminary reading of 95.7. Economists had expected the index to be upwardly revised to 96.0. Despite the upward revision, the index was still below the final January reading of 98.5, which represented a thirteen-year high.
The Dow Jones Industrial Average rose 11.44 points or 0.05 percent to 20,821.76, S&P 500 added 3.53 points or 0.15 percent to 2,367.34 and the Nasdaq was up by 9.80 points or 0.17 percent to 5,845.31.
The Indian ADRs closed mostly in red; HDFC Bank declined 0.60%, Dr. Reddy’s Lab shed 0.20%, Tata Motors slipped 0.07% and ICICI Bank was down by 0.01%. On the flip side, Wipro gained 0.05% and Infosys was up by 0.02%.