US Markets Recoup Losses On Greek Bailout Outcome (15-Feb-2012)
The US markets recouped most of their losses on Tuesday, as investors reassessed Greece's prospects for getting new bailout package and US retail sales that, despite being weaker than expected, still showed some improvement. The leader of Greece's New Democracy party and possible next prime minister, is expected to deliver a commitment to the country's international lenders. European leaders balked at handing out the new rescue funds, in part over worries the current Greek leaders who make the austerity pledges would be ousted in spring elections. The leaders of Greece's biggest political parties will send commitments to the so-called troika to stand by austerity measures. Besides, finance ministers cancelled a Brussels meeting scheduled to be held tomorrow and demanded more conditions from Greek lawmakers in a telephone conference before releasing the next tranche of bailout funds.
The US retail sales in January rose less than anticipated but more than a sign that the US recovery was in danger of collapse. The Commerce Department stated that retailers' sales rose a seasonally adjusted 0.4% in January, short of forecasts for a 1% increase, mostly because of weakness in automobile sales. Another report from Labor Department showed import prices increased more than expected in January after crude oil and food prices rebounded.
The Dow Jones Industrial Average closed higher by 4.24 points, or 0.03 percent, at 12,878.30. The S&P 500 was down by 1.27 points, or 0.09 percent, at 1,350.50, while the Nasdaq closed up 0.44 points, or 0.02 percent, at 2,931.83.
Indian ADRs closed mixed on Tuesday, Tata Motors was up 1.67%, Infosys Technologies was up 1.20% and Tata Communications was up 0.38%. On the flip side, HDFC Bank was down by 0.21% and Wipro was down 0.09%.
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