US Markets Closed Mixed On European Concerns (24-Jan-2012)
US markets made a mixed closing on Monday; the euro zone debt crisis was still looming large pressuring market sentiment, as Germany and France pushed for a deal between Greece and its private creditors and said they remained dedicated to a new bailout that is needed by March to stave off a default. The indices surged in opening trade but the enthusiasm fizzled out midday and despite recovering in late trade they managed just a flat closing. With no major economic reports, investors largely stayed on the sidelines.
Meanwhile, the Federal Reserve starts a two-day meeting on Tuesday, and for the first time ever, the central bank will release forward-looking forecasts for the federal funds rate.
The Dow Jones industrial average closed lower by 11.66 points, or 0.09 percent, to 12,708.82. The Standard & Poor's 500 Index was marginally up by 0.62 points, or 0.05 percent, to 1,316.00, while the Nasdaq Composite Index was down by 2.53 points, or 0.09 percent, at 2,784.17.
The Indian ADRs closed mostly in the green, HDFC Bank was up by 0.37%, ICICI Bank was up by 0.51%, Infosys was up by 0.52%, MTNL and Tata Motors was up by 0.03%.
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