US Markets Closed Mixed; S&P Loses Its Five Days Winning Streak (25-Jan-2012)
The US markets ended mixed on Tuesday and S&P finally lost its five days winning streak. There were few earnings disappointment, while the European debt crisis once again came on a forefront after Greece's debt crisis hit a snag and weighed on the markets. The country was close to a default as the private creditors pleaded with European officials who rejected their bond swap offer to hammer together a deal. A deal is a key condition for Greece to receive additional bailout funds from the European Union and International Monetary Fund. On domestic front, Verizon Communications Inc, McDonald's Corp and Travelers Cos Inc were the biggest drags on the Dow after posting weak quarterly results.
Meanwhile, the Federal Open Market Committee began a two-day meeting on Tuesday, at the end of which policymakers will start a new practice of announcing their interest rate projections. The Fed is hopeful that the projections, to be released on Wednesday, will give markets and the public greater clarity about its decision-making.
The Dow Jones industrial average lost 33.07 points, or 0.3% to 12,675.75, the S&P 500 shed 1.35 points, or 0.10% to 1,314.65, while the tech-heavy Nasdaq managed to gain by 2.47 points, or 0.09% to 2,786.64.
The Indian ADRs closed mostly in green on Tuesday, HDFC Bank was up by 0.81%, ICICI Bank was up by 0.94%, Infosys was up by 0.78%, MTNL was up by 0.03% and tata motors was up by 0.27%.
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