Home / Business and Economy / NYSE Halts Infosys Trading Amidst Major Stock Surge
NYSE Halts Infosys Trading Amidst Major Stock Surge
19 Dec
Summary
- Infosys ADRs surged 40% to $26.62, leading to NYSE trading halt.
- Accenture's strong quarterly revenue beat fueled the IT sector's rally.
- Federal Reserve official's comments on inflation data caused market uncertainty.
The New York Stock Exchange halted trading for Infosys' American Depository Receipts (ADRs) after they experienced a remarkable 40% surge, reaching $26.62. This significant price increase occurred as the broader IT sector experienced a rally, with Wipro ADRs also climbing over 7% on the NYSE.
The upward trend in Infosys' ADRs, which had been rallying for three consecutive days, was largely attributed to Accenture's positive first-quarter revenue report. Accenture, a key indicator for the IT sector, surpassed Wall Street expectations, primarily due to robust demand for its artificial intelligence-driven services.
Despite the IT sector's gains, Federal Reserve official John Williams' commentary suggested that recent inflation data might be distorted. These remarks introduced some market uncertainty ahead of the year-end holiday trading period, tempering enthusiasm for potential interest rate cuts.
