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  3. US market slips on Greek worries and dismal consumer confidence

US market slips on Greek worries and dismal consumer confidence

11 Feb 2012 Evaluate

The US markets closed lower on Friday, as Greek saga takes a new turn and euro zone ministers raise stakes for the next bailout tranche release. The sentiments got a blow on reports that the US consumer confidence trailed estimates. Confidence among US consumers declined more than forecast in February as growing optimism about job prospects failed to ease concerns that wages will stagnate. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped to 72.5 from 75 in January, a one-year high. Also, the trade deficit in the US widened in December to a six month high as a strengthening economy prompted bigger gains in imports than exports, data from the Commerce Department showed. The gap increased 3.7 percent to $48.8 billion from $47.1 billion in November.

In Europe, the efforts to keep Greece from defaulting were falling apart. An early enthusiasm faded after euro zone finance minister attached more conditions before the release of bailout funds. Jean-Claude Juncker chairman of the Euro group stated that Greek parliament must approve the agreement this weekend, three political parties must back the implementation of the reforms and Greek government must find additional cost cuts of 325 million euro. Besides, the head of one of three political parties supporting Greece’s interim Prime Minister Lucas Papademos stated that he would not back the austerity moves. Separately, a credit analysis firm Standard & Poor’s lowered its views on 34 Italian banks after it lowered its credit opinion on Italy on January 13.

The Dow Jones Industrial Average closed lower by 89.23 points, or 0.69 percent, at 12,801.20. The S&P 500 was down by 9.31 points, or 0.69 percent, at 1,342.64, while the Nasdaq closed down 23.35 points, or 0.80 percent, at 2,903.88.

Indian ADRs closed mixed on Friday, ICICI Bank was down 0.66%, Infosys Technologies was down by 0.59% and Tata Motors was down 0.45%. On the flip side, HDFC Bank was up by 0.30% and MTNL was up 0.05%.

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