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  3. US markets closed mixed on European growth concerns

US markets closed mixed on European growth concerns

12 Jan 2012 Evaluate

The US markets closed mixed on Wednesday, with the S&P 500 Index stalling at five-month highs, on the ongoing tug between Europe’s debt troubles spurred by growing signs that it may slip into a recession and an improving US economy. The market showed no perceptible reaction to the afternoon release of the Federal Reserve’s Beige Book, which found US economic activity to be expanding at a modest to moderate pace. The Beige Book survey of business contacts in the Fed's 12 districts stated economic activity increased at a modest to moderate pace. This rate is an improvement from the mid-November report which stated that some districts were growing at a slow pace. This report will give Fed officials a feel for conditions on the ground as they prepare for their next monthly policy meeting on January 24-25.

In Europe, yesterday’s data from Germany’s Federal Statistics Office found that the nation’s economy probably contracted by 0.25% in the final quarter of 2011, a year that overall had Germany’s economy growing by a robust 3%. Besides, Gross domestic product in the 17-nation euro region will shrink 0.2 percent in the three months through March, following a contraction of 0.3 percent in the fourth quarter of last year, research institutes Ifo, Insee and Istat forecast in a joint report. Growth will stagnate in the second quarter, the institutes forecast and a recession typically is defined as two consecutive quarters of declining GDP.

The Dow Jones Industrial Average closed lower by 13.02 points, or 0.10 percent, at 12,449.50. The S&P 500 was up by 0.40 points, or 0.03 percent, at 1,292.48, while the Nasdaq closed up 8.26 points, or 0.31 percent, at 2,710.76.

Indian ADRs closed mixed on Wednesday, Infosys Technologies was up 0.95, HDFC Bank was up by 0.45%, ICICI Bank was up by 0.39% and Dr Reddy’s was up by 0.38%. On the flip side, Tata Communications was down by 0.03%.

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