The US markets closed lower on Friday as concerns about Greece’s stalled negotiations with its international creditors weighed on sentiments following reports that the International Monetary Fund has halted bailout talks. With a repayment deadline looming at the end of the month, the lack of progress in the talks has led to renewed worries about a possible default by Greece. Meanwhile, traders overlooked the latest batch of U.S. economic data, including a report from the University of Michigan showing a much bigger than expected improvement in consumer sentiment in June. The report said the preliminary reading on the consumer sentiment index for June came in at 94.6 compared to the final may reading of 90.7. Street had expected the index to show a much more modest increase to 91.2.
The Dow Jones Industrial Average declined 140.53 points or 0.78 percent to 17,898.84, Nasdaq dropped 31.41 points or 0.62 percent to 5,051.10 while, S&P 500 was down by 14.75 points or 0.70 percent to 2,094.11.
The Indian ADRs closed in red on Friday; Tata Motors was down 0.28%, Wipro was down 0.24%, Dr. Reddy’s Lab was down 0.23%, Infosys was down by 0.23% and HDFC Bank was down 0.02%.