The US markets closed higher on Tuesday, as energy stocks soared amid a rebound in oil prices. Oil futures erased early losses and jumped 3.7% to settle above $31 a barrel. On the economy front, turmoil on Wall Street isn’t bothering consumers, as confidence in January rose. The consumer confidence rose to 98.1 from a reading of 96.3 in December. A similar gauge, the University of Michigan’s consumer sentiment index, also rose in January. US home-price gains picked up again in November, with several metro areas notching double-digit annual percentage increases. The S&P/Case-Shiller 20-City Composite Index rose 0.1% in the three months ending in November, for a 5.8% yearly increase. That was up from a 5.5% yearly gain in the period ending in October, and marked the strongest reading since July 2014. Only five cities had monthly price decreases, down from eight in October. Chicago was weakest, notching a 0.7% decline. It also had the smallest yearly gain, 2%.
The Dow Jones Industrial Average added 282.01 points or 1.78 percent to 16,167.23, the Nasdaq was up 49.18 points or 1.09 percent to 4,567.67 while the S&P 500 gained 26.55 points or 1.41 percent to 1,903.63.
The Indian ADRs closed mostly in green; Dr. Reddy’s Lab was up 0.95%, HDFC Bank was up 0.94%, Tata Motors was up 0.73% and Wipro was up by 0.16%. On the other hand, Infosys was down by 0.29%.