The US markets plunged on Monday posting their worst session in two weeks, retreating from last week’s rise after Germany played down the idea of a quick fix for Europe and an index of regional manufacturing fell short. German finance minister and spokesman for Chancellor downplayed the plans to be released at the end of the weekend summit. Germany stated that European governments would not resolve the euro-zone debt crisis at the European Union meeting slated for October 23, with a spokesman for German Chancellor Angela Merkel stating the discussions would likely continue into 2012. Optimism that the region’s officials were developing a plan to help banks weather losses on sovereign debt propelled gains in markets.
Earlier, markets started to drift lower after the Federal Reserve Bank of New York’s index tracking factory activity in the Empire State region contracted for a fifth month in a row in October, although the gauge improved slightly from September. Separately, data from the Federal Reserve had US industrial production rising 0.2% in September on increased demand for computers and cars.
The Dow Jones industrial average lost 247.49 points, or 2.13 percent, to 11,397.00. The Standard and Poor’s 500 closed lower by 23.72 points, or 1.94 percent, to 1,200.86, while the Nasdaq composite lost 52.93 points, or 1.98 percent, to 2,614.92.
The Indian ADRs closed mixed on Monday, Infosys Technologies was down by 1.95%, Dr. Reddy’s Lab was down by 0.53% and ICICI Bank was down by 0.47%. On the flip side, Tata Communications was up by 0.09% and HDFC Bank was up by 0.07%.
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: