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Informist, Friday, May 29, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: US indices end higher Thu; NASDAQ, S&P 500 hit new highs again

 

MUMBAI—0740 IST--Wall Street ended on a strong note Thursday. The NASDAQ Composite and the S&P 500 posted new all-time-highs, while the Dow Jones Industrial Average closed marginally higher. Investors were buoyed by reports of the US and Iran reaching a 60-day memorandum of agreement for a ceasefire. The deal, however, requires US President Donald Trump's approval, some media agencies reported, citing sources. 

 

Among the key stocks was Microsoft. Shares of the technology major advanced more than 3% on reports of the company unveiling a new coding model in the coming week. Shares of drugmaker Eli Lilly closed more than 4% higher after CVS Health Corp. said it would restore coverage of Eli Lilly's blockbuster weight loss injection Zepbound, according to CNBC. 

 

"Traders are on a hair trigger with the back-and-forth on deal news, and have been leaning long to avoid getting trampled by a better-than-expected outcome. The harder part is that the inflationary forces may not abate as fast as markets want," Jamie Cox, managing partner at Harris Financial Group, told Reuters. 

 

US GDP expanded 1.6% on year in the quarter ended March. The figure was revised 0.4% lower from the first estimate mainly on account of investment and consumer spending. Government spend and exports went up during the quarter. The Wall Street Journal and Reuters had expected the US economy to grow 2% on an annualised basis. Meanwhile, the US Personal Consumption Expenditures index rose 3.8% on year in April. The core personal consumption expenditures index, however, went up 3.3% on year. The inflation figures remain well above the Federal Reserve's 2% target. 

 

"Price pressures are likely to persist over the next few months, and while the Fed cannot fix a supply shock, it cannot ignore one that is feeding into underlying inflation," Olu Sonola, head of US economics at Fitch Ratings, told Reuters. 

 

Following were the closing levels of major US indices Wednesday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	50668.97	0.05
NASDAQ Composite	26917.471	0.91
S&P 500	7563.63	0.58

 

(Ruchira Kagita)

 

US$1 = INR 95.69

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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