The US markets closed higher on Friday, with both the Dow and S&P 500 closing at record high levels in a broad rally, though trading was light with many market participants still out for the Christmas holiday. The strength on Wall Street partly reflected the recent upward momentum for the markets, which has led to a seven-day winning streak for the Dow. Stocks have trended higher since last Wednesday, when the Federal Reserve said it would be patient in beginning to normalize the stance of monetary policy. Traders seem to have interpreted the remark as an indication that the Fed will be cautious in its decision to begin raising interest rates. Continued signs of strength in the economy have also contributed to the recent positive sentiment, as the U.S. continues to outperform many of the other major developed nations.
The Dow Jones Industrial Average added 23.50 points or 0.13 percent to 18,053.71, S&P 500 gained 6.89 points or 0.33 percent to 2,088.77 and Nasdaq was up by 33.39 points or 0.70 percent to 4,806.86.
Indian ADRs closed mostly in red on Tuesday; HDFC Bank was down 0.50%, Dr. Reddy’s Lab was down by 0.32%, ICICI Bank was down 0.20% and Wipro was down 0.07%. On the flip side, Tata Motors was up by 0.24% and Infosys was up by 0.06%.