US markets made a flat closing on Friday and the major indices suffered cut of about two percent for the week. Though, there was good economic data showing Americans were the most upbeat they have been in five years but stocks slipped as investors fretted over what is expected to be a weak corporate earnings season. While JPMorgan's results met analysts' expectations, Wells Fargo came up with weaker than expected numbers, which prompted investors to sell other bank shares. Meanwhile, the Thomson Reuters/University of Michigan's preliminary October reading on consumer sentiment rose to 83.1, well above the forecast for a reading of 78 and from 78.3 the month before, and the highest since September 2007.
While, a separate report stated that the US producer prices rose more than expected in September due to the surge in the cost of gasoline, but underlying inflation pressures were muted in a sign the Federal Reserve has room to carry out its new monetary stimulus program.
The Dow Jones industrial average ended up 2.46 points, or 0.02 percent, at 13,328.85. The Standard & Poor's 500 Index lost 4.25 points, or 0.30 percent, to 1,428.59 and the Nasdaq Composite Index too closed lower by 5.30 points, or 0.17 percent, to 3,044.11.
Indian ADRs closed mostly in red on Friday, HDFC Bank was down by 0.25%, ICICI Bank was down by 0.55%, Infosys plunged by 3.68%, Tata Motors was down by 0.15% and Wipro was down by 0.09%.