The US equity market finished volatile session mostly higher on Friday, 29 May 2020, as traders seems relief after newly announced US policies to punish China did not threaten a trade detente between Washington and Beijing. At closing bell, the Dow Jones Industrial Average declined 17.53 points, or 0.1%, to 25,383.11. The S&P 500 - a gauge of US retirement and education savings accounts climbed 14.58 points, or 0.5%, to 3,044.31. The tech-heavy Nasdaq Composite Index jumped 120.88 points, or 1.3%, to 9,489.87. For the holiday-shortened week, the Dow spiked by 3.8%, the S&P 500 soared by 3% and the Nasdaq was up by 1.8%.
President Donald Trump lashed out at China in his brief remarks, but traders seemed relieved that he did not announce new tariffs or a withdrawal from the phase one trade agreement. Following China's recent move to approve a controversial security law for Hong Kong, Trump said he is directing his administration to remove special exemptions for the city.
Trump argued Hong Kong is "no longer sufficiently autonomous" to warrant preferential treatment by the U. S., claiming China has abandoned the idea of "one country, two systems."
The president also announced that he is suspending the entry of certain foreign nationals from China into the U. S. as well as instructing a presidential working group on financial markets to study Chinese companies listed on U. S. exchanges.
ECONOMIC NEWS: The University of Michigan revised data showed consumer sentiment in the U. S. improved by slightly less initially estimated in the month of May. The report showed the consumer sentiment index for May was downwardly revised to 72.3 from the preliminary reading of 73.7.
The Commerce Department released a report unexpectedly showed personal income spiked by 10.5% in April after tumbling by a revised 2.2% in March. The Commerce Department said personal spending plummeted by 13.6% in April after a revised 6.9% slump in March.
Among Indian ADR, ICICI Bank rose 2.59% to $8.70, HDFC Bank rose 1.78% to $41.83, Dr Reddys Labs climbed up 3.93% to $53.44, Wipro added 8.17% to $3.31, and Vedanta added 1.88% to $4.88, while Tata Motors fell 0.7% to $5.71 and INFOSYS fell 0.4% to $9.10,
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