The US markets fell sharply on Tuesday, with the Dow Jones Industrial Average suffering its worst one-day point drop in five months, as investors began pricing in a rate hike by the Federal Reserve by the middle of the year, while other central banks are embarking on a quantitative easing path. On the economy front, job openings in the United States rose 2.4% to 5 million in January and stood at a 14-year high. The number of people hired fell slightly to 5 million. So-called separations - layoffs, people fired, workers who quit - dipped to 4.82 million from 4.90 million. The small-business optimism index by the National Federation of Independent Business edged up 0.1 points to 98 in February, which is the third-highest reading since early 2007. Of the ten index components, the largest gain was in the percent of owners reporting hard-to-fill openings. However, US wholesale inventories unexpectedly rose in January as sales recorded their biggest decline since 2009, pushing the number of months it would take to clear warehouses to its highest level in more than 5-1/2 years. The Commerce Department stated that wholesale inventories increased 0.3 percent.
The Dow Jones Industrial Average lost 332.78 points or 1.85 percent to 17,662.94, Nasdaq was down by 82.64 points or 1.67 percent to 4,859.80 while, S&P 500 dropped 35.27 points or 1.70 percent to 2,044.16.
The Indian ADRs closed in red on Tuesday; Dr. Reddy’s Lab was down 0.69%, Tata Motors was down by 0.57%, HDFC Bank was down by 0.26%, ICICI Bank was down by 0.15% and Wipro was down by 0.15%.
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