US markets tumble as Greece crisis worsen

30 Jun 2015 Evaluate

The US markets closed lower on Friday, leading the Dow Jones Industrial Average to its largest one-day point drop in more than two years, while the S&P 500 saw the biggest decline in more than a year. Negotiations between Greece and its creditors collapsed over the weekend after Greek Prime Minister Alexis Tsipras unexpectedly called for a referendum on whether to accept reform measures demanded by the country’s lenders. The country’s parliament approved the vote, which will be held July 5. Investors’ rough start to the US-holiday-shortened week comes as the closely watched US jobs report for June is due on Thursday. The report also will help the market gauge the health of the US economy as Europe displays shakiness. The market reaction to pending-home sales in May was muted, even though sales rose to their highest level in over nine years. The pending home sales index rose 0.9% in May after a slight downward revision in April. The index level of 112.6 -- 100 was the average level of activity in 2001 -- is the highest since April 2006 and up 10.4% from May 2014.

Meanwhile, New York Fed President William Dudley stated that a September interest rate hike is very much in play if the US economy continues to strengthen, though the Federal Reserve could also wait until December to start tightening policy. Dudley added that it would not shock me if we decided to lift off in September, or it wouldn’t shock me if the data were a little softer and it caused us to wait. Dudley, a dovish policymaker who is a close ally of Fed Chair Janet Yellen, was said to cite recent US wage gains, income, and household spending as having improved his outlook for the economy.

The Dow Jones Industrial Average lost 350.33 points or 1.95 percent to 17,596.35, the Nasdaq plunged 122.04 points or 2.40 percent to 4,958.47 and the S&P 500 dropped by 43.85 points or 2.09 percent to 2,057.64.

The Indian ADRs markets ended in red on Monday, Dr. Reddy’s Lab was down 1.00%, HDFC Bank was down 0.92%, Tata Motors was down by 0.89%, Infosys was down 0.31% and ICICI Bank was down by 0.22%.

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