The US markets bounced back on Monday from their last session’s steep fall, making a good start of the new week. The strength on the Wall Street came amid news of additional Chinese stimulus. The People's Bank of China during the weekend lowered the reserve requirement ratio for banks by 100 basis points to 18.5 percent. Buying interest was also generated in reaction to the latest batch of earnings news, financial giant Morgan Stanley reported earnings and revenues that exceeded estimates. Toy maker Hasbro and oil services provider Halliburton also reported quarterly results that beat expectations.
Meanwhile, Federal Reserve Bank of New York President William C. Dudley has said that he is relatively optimistic a growth rebound will warrant raising interest rates in 2015, though he’s “not reasonably confident right now” inflation will climb.
The Dow Jones Industrial Average surged by 208.63 points or 1.17 percent to 18,034.93, the Nasdaq gained 62.79 points or 1.27 percent to 4,994.60 and the S&P 500 ended higher by 19.22 points or 0.92 percent to 2,100.40.
Indian ADRs made a weak closing on Monday, Dr Reddy’s was down by 1.80%, HDFC Bank was down by 1.13%, ICICI Bank was down by 0.10%, Infy was down by 0.58%, Tata Motors was down by 0.69% and Wipro was down by 0.22%.