The US markets made a positive close on Wednesday following a weak trend in early deals. The gains were led by some positive earnings announcements from some big-name companies. However, major indexes shuffled between slight gains and losses in morning trading before turning higher in the late afternoon. Investors cheered moves by Google and credit-card companies and sent the stock market to a solid gain. Google helped set off a surge in technology stocks after it unveiled a low-cost wireless phone service. There was spurt in credit card companies like Visa and MasterCard after China said it would open up its market to foreign firms for clearing domestic bank card transactions.
Meanwhile, New York Fed President William Dudley said that he expects inflation to “begin to firm later this year.” Dudley is also optimistic about the pace of job growth leading to higher incomes later and said that the level of slack in the labor market has diminished sufficiently so that one might expect firmer wage gains going forward.
The Dow Jones Industrial Average gained 88.68 points or 0.49 percent to 18,038.27, the Nasdaq was up by 21.07 points or 0.42 percent to 5,035.17 and the S&P 500 ended higher by10.67 points or 0.51 percent to 2,107.96.
The Indian ADRs made mostly a positive close on Wednesday, Dr Reddy’s Lab was up by 0.30%, HDFC Bank was up by 0.52%, ICICI Bank was up by 0.12% and Tata Motors was up by 0.11%.