The US markets made a mixed closing on Thursday following the rally of previous session, while the Dow extended the rally mood and reached record closing high, the tech heavy Nasdaq ended in negative territory. There was some encouragement with S&P Global Ratings retaining sovereign ratings of the U.S. The rating was affirmed at 'AA+' with stable outlook and reflects the expected smooth transition of power. In a statement on their website, Donald Trump's transition team promised to 'dismantle' Dodd-Frank and replace it with 'new policies to encourage economic growth and job creation'. Though, market participants cautioned that rolling back post-crisis financial regulation too much could make bank debt riskier.
On the US economic front, the Labor Department released a report before the start of trading showing a bigger than expected drop in initial jobless claims in the week ended November 5th. The report said initial jobless claims fell to 254,000, a decrease of 11,000 from the previous week's unrevised level of 265,000. Economists had expected jobless claims to edge down to 263,000.
The Dow Jones Industrial Average surged by 218.19 points or 1.2 percent to 18,807.88 and the S&P 500 rose 4.22 points or 0.2 percent to 2,167.48, but the Nasdaq declined by 42.28 points or 0.8 percent to 5,208.80.
All the Indian ADRs ended in red on Thursday, Dr Reddy’s was down by 0.32%, HDFC Bank was down by 0.50%, ICICI Bank was down by 0.05%, Infy was down by 0.10% and Tata Motors was down by 0.62%.