The US markets ended lower on Friday on getting some weak economic data, all the major averages remained in red throughout the trading session. The weakness also reflected continued concerns about the outlook for the ongoing debt negotiations for Greece. On the domestic economic front, the Commerce Department reported that economic activity in the US contracted for the first time in a year in the first quarter of 2015. The gross domestic product fell by 0.7 percent in the first quarter compared to the previously reported 0.2 percent uptick. The drop came on the heels of a 2.2 percent increase in the fourth quarter. A separate report from MNI Indicators showed an unexpected contraction in Chicago-area business activity, while the University of Michigan said consumer sentiment fell by less than previously estimated. Chicago business barometer tumbled to 46.2 in May from 52.3 in April, with a reading below 50 indicating a contraction in regional business activity.
The Dow Jones Industrial Average lost 115.44 points or 0.64 percent to 18,010.68, the Nasdaq declined by 27.95 points or 0.55 percent to 5,070.03 and the S&P 500 dropped 13.40 points or 0.63 percent to 2,107.39.
Indian ADRs made a mixed closing on Friday, HDFC Bank was up by 0.40%, ICICI Bank was up by 0.02%, Infy gained 0.33%, Wipro ended higher by 0.19%. On the other hand, Dr Reddy’s was down by 0.07% and Tata Motors lost 0.07%.
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