US market continued their uptrend on Friday and the S&P 500 surged to a record closing high above 1,900 for the first time. Traders mainly took support from the release of a report from the Commerce Department showing that new home sales came in above economist estimates in April. The new home sales jumped 6.4 percent to a seasonally adjusted annual rate of 433,000 in April from the revised March rate of 407,000. The revised rate for March reflected a substantial upward revision from the 384,000 originally reported, although it still represents a six-month low. Despite a brutal winter which brought the economy to a halt, the overall trend in the leading economic index has remained positive.
The Dow Jones Industrial Average rose 63.19 points or 0.38 percent to 16,606.27, the Nasdaq advanced 31.47 points or 0.76 percent to 4,185.81 and the S&P 500 gained 8.04 points or 0.42 percent to 1,900.53.
Indian ADRs made a mixed closing on Friday, HDFC Bank was down by 1.15% and ICICI Bank was down by 0.70%.On the other hand Wipro was up by 0.31%, Tata Motors was up by 1.37% and Infosys was up by 0.04%.