Snapping four days gaining streak, the US markets closed mostly lower on Friday as investors opted to book some profits off the table following the recent upward move, which came amid optimism about the European Central Bank’s highly anticipated decision to implement quantitative easing. ECB President Mario Draghi confirmed the expansion of the bank's asset purchase program. Draghi said the ECB will purchase 60 billion euros per month worth of securities, including investment grade sovereign bonds, beginning in March. Selling was also witnessed by disappointing guidance from UPS, as the delivery giant forecast fourth quarter earnings well below street expectation. The weakness on Wall Street may also have reflected anxiety ahead of the Greek parliamentary elections scheduled for the weekend. Polls have suggested that the anti-austerity Syriza party could emerge victorious in the elections, potentially leading Greece to abandon its budget constraints.
Nasdaq Composite up by 7.48 points or 0.16 percent to 4,757.88, while the Dow Jones Industrial Average declined by 141.38 points or 0.79 percent to 17,672.60 and the S&P 500 slid 11.33 points or 0.55 percent to 2,051.82.
Indian ADRs closed mostly in the red on Friday; Dr. Reddy’s Lab was down 1.57%, Infosys was down 0.30% and Wipro was down by 0.24%. On the flip side, Tata Motors was up 1.88% and HDFC Bank was up by 1.15%.