The US markets made a good bounce back on Wednesday led by rally in energy stocks on substantial increase by the price of crude oil. With the gains, the major averages ended the session at their best closing levels in almost a month. Although, there were mixed set of economic data, the National Association of Home Builders reported a notable rebound in homebuilder confidence in the month of April, stating that the NAHB/Wells Fargo Housing Market Index jumped to 56 in April from a nine-month low of 52 in March. Economists had been expecting the index to climb to 55. On the other hand, Federal Reserve released a report showing that industrial production fell by 0.6 percent in March after inching up by 0.1 percent in February. A separate report from the New York Fed also showed an unexpected contraction in regional manufacturing activity in the month of April.
The Dow Jones Industrial Average rose 75.91 points or 0.42 percent to 18,112.61, the S&P 500 added 10.79 points or 0.51 percent to 2,106.63 and the Nasdaq surged by 33.73 points or 0.68 percent to 5,011.02.
Indian ADRs ended mostly in red on Wednesday, Dr Reddy’s Lab was down by 0.60%, HDFC Bank was down by 0.70%, Tata Motors was down by 0.63% and Wipro was down by 0.03%.
On the other hand, ICICI Bank was up by 0.03% and Infosys was up by 0.03%.