The US markets suffered sharp sell-off on Friday on continued decline in the price of crude oil to a new five-year low. Traders were also concerned about a report released by the Chinese National Bureau of Statistics showing that industrial production rose 7.2 percent year-over-year in November, slower than the 7.7 percent growth in October. Traders even overlooked the report from Thomson Reuters and the University of Michigan showing a bigger than expected jump in consumer sentiment. The report said the preliminary reading on the consumer sentiment index for December came in at 93.8 compared to the final November reading of 88.8, with this the consumer sentiment index reached its highest level since January of 2007. In other economic news, the US Labor Department showed producer prices to have declined 0.2 percent in November. The Labor Department noted that the annual rate of producer price growth slowed to 1.4 percent in November from 1.5 percent in October, reflecting the slowest rate of growth since February.
The Dow plunged by 315.51 points or 1.8 percent to 17,280.83, the Nasdaq lost 54.57 points or 1.2 percent to 4,653.60 and the S&P 500 slumped by 33.00 points or 1.6 percent to 2,002.33.
The Indian ADRs closed in red on Friday, HDFC Bank was down by 0.34%, ICICI Bank was down by 0.23%, Infosys was down by 0.38%, Tata Motors was down by 0.97% and Wipro lost 0.50%.
The Dow plunged by 315.51 points or 1.8 percent to 17,280.83, the Nasdaq lost 54.57 points or 1.2 percent to 4,653.60 and the S&P 500 slumped by 33.00 points or 1.6 percent to 2,002.33.
The Indian ADRs closed in red on Friday, HDFC Bank was down by 0.34%, ICICI Bank was down by 0.23%, Infosys was down by 0.38%, Tata Motors was down by 0.97% and Wipro lost 0.50%.