US S&P500, Dow Closes Higher

April 29, 2022
US S&P500, Dow Closes Higher

The US stocks turned in a mixed performance on Wednesday, 27 April 2022, with the Dow and the S&P500 indexes settling above the boundary line, supported by strong revenue forecasts from Microsoft and Visa, while the Nasdaq ended down amid concerns about inflation and looming interest rate hikes.

At the close of trade, the Dow Jones Industrial Average index rose 61.75 points, or 0.19%, to 33,301.93. The S&P500 index was up 8.76 points, or 0.21%, to 4,183.96. The tech-heavy Nasdaq Composite Index fell 1.81 points, or 0.01%, to 12,488.93.

Microsoft shares gained nearly 5% after the software giant reported better than expected quarterly results and gave a strong revenue forecast.

Microsoft reported earnings per share of $2.22 for the third quarter and forecasted double-digit revenue growth for the next fiscal year, driven by demand for cloud computing services.

Payments network Visa Inc shares jumped after it predicted revenue above pre-pandemic levels.

Shares of Google parent Alphabet shed about 3.7% after the company reported weaker than expected first-quarter results as quarterly YouTube ad sales slowed.

Planemaker Boeing shares ended 7.5% down after the group reported a loss of $2.75 a share, as higher costs on both commercial and defense aircraft weighed on revenues. Planemarket said it was halting production of 777X jets through 2023 due to certification problems, as well as weak demand for the wide-body jet.

Among Indian ADR, Wipro fell 0.9% to $6.65, Tata Motors added 0.29% to $27.75, HDFC Bank added 0.94% to $56.09, ICICI Bank rose 0.1% to $19.12, WNS Holdings rose 1.29% to $79.01, and Azure Power Global added 2.24% to $13.22. Dr Reddy’s Labs fell 0.79% to $52.89. INFOSYS ended flat at $20.12.