US Markets End With Mild Gains On Wednesday (09-Feb-2012)
The US markets ended with mild gains on Wednesday, on reports that Greece had drafted a new financing deal with the European Union and International Monetary Fund. Greek Prime Minister Lucas Papademos began negotiating with political parties supporting his government on measures needed to qualify for rescue funds after postponing the meeting yesterday. Greece is promising to cut spending and sell stakes in six companies to qualify for a second bailout, according to a draft of the new financing deal. Greece will commit to permanent spending cuts that include reduced pension payments and a 20% cut in the minimum wage. Besides, Papademos held an unscheduled meeting with the so-called troika, comprising the European Commission, the European Central Bank and the International Monetary Fund, to put the final touches on terms required for rescue package. The Institute of International Finance will hold a meeting to go over technical matters so a debt swap can be implemented quickly if an accord between Greece and the troika is reached.
Moreover, the US mortgage applications rose 7.5% last week. The Mortgage Bankers Association's benchmark index of mortgage applications rose 7.5% in the week ending February, following a drop of 2.9%. The increase was driven by a 9.4% rise in refinancing activity, as fixed 30-year mortgage rates averaged 4.05%, down from 4.09% the week before.
The Dow Jones Industrial Average closed higher by 5.75 points, or 0.04 percent, at 12,884.00. The S&P 500 was up by 2.91 points, or 0.22 percent, at 1,349.96, while the Nasdaq closed up 11.78 points, or 0.41 percent, at 2,915.86.
Indian ADRs closed mixed on Wednesday, Dr. Reddy's Lab was down by 0.29%, Infosys Technologies was down by 0.28% and Wipro was down by 0.18%. On the flip side, Sterlite Industries was up 0.20% and HDFC Bank was up by 0.08%.
Top News Today
 Aditya Birla Group Company - Idea Cellular has slashed 3G tariffs by up to 70%. As per the revision, Idea prepaid and postpaid users have to pay 3 paise per 10 KB of data against earlier levels of 10 paise
 National Thermal Power Corporation (NTPC) will be signing the fuel supply agreements' (FSA) with Coal India for 4,300 megawatts on 2009 terms. In these FSAs companies have change trigger level, which has
 After cellular market leader Bharti Airtel launched its 4G services, now Reliance Industries is reportedly gearing up to launch the services soon and has accordingly partnered with Himachal Futuristic
|
International Stock News
 US markets made a mixed closing on Tuesday, just a day after a buoyant rally, as concerns about Greece's potential exit from the eurozone resurfaced in the final hour. Though, the markets remained in jubilant
 US markets got a good bounce back on Monday with all major indices gaining more than 1%, it was one of the best session of the month. There was some M&A activity along with report that Chinese government
 US markets declined further on Friday, making it the worst week for the markets in 2012, as the most awaited Facebook (FB) IPO was only able to muster a slight gain in its public debut, while the eurozone
|
|
Recent International Global Stock Market News News
|
|