The US markets closed modestly higher on Monday, as investors shrugged off the Greek election results, which brought the leftist Syriza party to power. The leftist Syriza party, which ran on an anti-austerity platform, won elections in Greece and fears that the new government in Greece may decide to leave the euro zone sent the euro plunging against the dollar. Federal Reserve officials are scheduled to begin a two-day policy meeting scheduled on Tuesday. While the United States has limited direct exposure to Greece’s relatively small economy, extended volatility in the region could hurt multinational companies.The central bank is trying to determine whether declining oil prices, a slowdown in European growth and any fallout from the Greek elections will threaten the US recovery as it considers raising interest rates.
The Dow Jones Industrial Average gained by 6.10 points or 0.03 percent to 17,678.70, the Nasdaq Composite was up by 13.88 points or 0.29 percent at 4,771.76 while, the S&P 500 added 5.27 points or 0.26 percent, to close at 2,057.09.
Indian ADRs closed in green on Monday; HDFC Bank was up by 0.74%, Tata Motors was up 0.72%, Dr. Reddy’s Lab was up 0.50%, Wipro was up by 0.20% and Infosys was up 0.19%.