The US market extended their decline on Friday, for the third day in a row, stretching losses into a fourth week as global economic worries intensified. Apprehensive investors remained on alert for any sign of trouble or resolution from the European Union and its banks as German Chancellor Merkel rejected the idea of jointly issued euro-area bonds, saying that a collectivization of the region’s debt would leave euro members worse off. Tech heavy Nasdaq, led the losses as Hewlett-Packard, the personal-computer maker reduced its outlook and said it might spin off its PC unit.
The US indexes extended losses with banks facing another round of sovereign bonds losses as the euro-zone debt contagion spreads to Italy and France. Also, Citigroup Inc. and JPMorgan Chase & Co. lowered their growth forecasts for the US economy.
The Dow Jones industrial average lost 172.93 points, or 1.57 percent, to 10,817.70. The Standard and Poor's 500 closed lower by 17.12 points, or 1.50 percent, to 1,123.53, while the Nasdaq composite lost 38.59 points, or 1.62 percent, to 2,341.84.
Almost all the Indian ADRs closed in red on Friday, Dr Reddy’s Lab was down by 0.59%, Tata Motors was down by 0.57%, HDFC Bank was down by 0.43%, ICICI Bank was down by 0.42% and Infosys Technologies was down by 0.32%.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: