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US stocks close higher amid upbeat corporate earnings, mixed data (Lead)
New York, March 2 (IANS) US stocks traded higher as the market was underpinned by stronger-than-expected corporate earnings in the fourth quarter last year and investors digested a batch of mixed economic data.
The Dow Jones Industrial Average on Friday increased 110.32 points, or 0.43 per cent, to 26,026.32. The S&P 500 was up 19.20 points, or 0.69 per cent, to 2,803.69, Xinhua news agency reported.
The Nasdaq Composite Index was up 62.82 points, or 0.83 per cent, to 7,595.35.
Shares of Dentsply Sirona dramatically rose nearly 17.7 per cent around market close, after the US dental equipment maker posted strong fourth-quarter earnings and sales that beat market expectations.
Shares of Foot Locker also increased nearly 6 per cent, after the US athletic footwear and apparel retailer posted fourth-quarter earnings results that topped market forecasts.
Eight of the 11 primary S&P 500 sectors traded on a high note, with the real estate sector up over 1.8 per cent, leading the winners among the groups.
On the economic front, the University of Michigan consumer sentiment index slightly bounced back to 93.8 in February, up from January’s low of 91.2 due to US government shutdown, the university said in a survey released on Friday.
However, the reading, as a key indicator to gauge consumer confidence in America, came shy of analysts’ forecasts for the month across the board.
The ISM Purchasing Managers’ Index (PMI) declined to 54.2 per cent in February, a decrease of 2.4 percentage points from the January reading of 56.6 percent, the Institute for Supply Management (ISM) said in its latest Manufacturing ISM Report on Business released on Friday, indicating the country’s manufacturing activity growth shrank last month.
The index reached its lowest level of expansion since November 2016, which was mainly dragged by a slowdown in both production growth and employment growth in the month, according to the report.
The ISM PMI has been a key indicator of economic health for manufacturing and service sectors. A reading above 50 per cent indicates that the manufacturing economy is generally expanding, while below 50 per cent indicates that it is generally contracting.
Despite his positive outlook on the US economy based on a strong labor market, the Fed Chair Jerome Powell stressed on Thursday night the necessity of being patient, due to “some crosscurrents and conflicting signals about the near-term outlook”.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.