It was yet another topsy-turvy session for the US markets. Rumours about more subprime trouble and a Fed rate cut coupled with handful of economic and earnings reports resulted in another large sell-off early on only to see the stock market come barreling back in afternoon trading.
In economic news, September durable orders was down 1.7%, larger than consensus while weekly inital jobless claims dropped to three lakh thirty one thousand, which was higher than expectations. September new home sales rose 4.8% in September after a sharply lower revision of the August reading. Investors also had to contend with higher energy prices as crude oil spiked to an all-time high of $ 90.60 a barrel before settling slightly lower.
The Dow fell 3.33, or 0.02%, to 13,671.92 after changing direction several times. The blue chip index was briefly down more than 100 points. Broader stock indicators also fell. The Standard & Poor's 500 index fell 1.48, or 0.10%, to 1,514.40, while the Nasdaq composite index fell 23.90, or 0.86%, to 2,750.86.
Indian ADRs end mixed to lower; Satyam down 4%
Indian ADRs ended mixed to lower. Satyam was the major loser down more than 4%. In the technology pack, Infosys Technologies was up 0.29% at $ 48.58, Patni Computers was down 2.9% at $ 21.76, Satyam Computers was down 4.15% at $ 27.98, while Wipro ended the day 1.25% higher at $ 15.38.
In the non-technology pack, HDFC Bank was down 2.83% at $ 114.22, VSNL was up 3.14% at $ 28.27, ICICI Bank was down 0.29% at $ 58.23, MTNL was down 2.95% at $ 9.20, Tata Motors was down 0.91% at $ 19.50, Dr Reddy's Lab was down 2.29% at $ 15.78 and Sterlite was up 1.83% at $ 22.31.
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