US markets drops on economic unease, lingering euro crisis talk

20 Oct 2011 Evaluate

The US markets slumped on Wednesday, as a split emerged between France and Germany on ways to boost the European bailout fund, while the Federal Reserve stated companies grew more pessimistic about the economy. The markets traded higher before the Federal Reserve’s afternoon release of regional indicators, known as the Beige Book report, used to help measure the strength of the economy. The report stated that the US economy continues on about the same modest pace reported two months ago. The report also stated that many districts reported modest or slight growth with a weaker or less certain outlook from many contacts. Besides, there were some mixed economic data, Home starts soared 15% in September and home mortgage applications declined last week, while the consumer price index increased at a slower pace in September.

The sentiments of the markets were dampened as France and Germany disagreed on the role of the European Central Bank in leveraging the rescue fund and banks lobbied against forced recapitalizations and larger write downs of Greek debt. French President Nicolas Sarkozy flew to Germany to join the talks as European leaders assembled in Frankfurt in an effort to narrow divisions before an October 23 summit.

Also, Apple a significant component of the Nasdaq, had its worst session since December 2008 after the consumer-electronics maker reported earnings that fell short of analysts’ estimates because of a surprise drop in iPhone sales from the June quarter.

The Dow Jones industrial average lost 72.43 points, or 0.63 percent, to 11,504.60. The Standard and Poor’s 500 closed lower by 15.50 points, or 1.26 percent, to 1,209.88, while the Nasdaq composite lost 53.39 points, or 2.01 percent, to 2,604.04.

The Indian ADRs closed mixed on Wednesday, ICICI Bank was down by 0.86%, Infosys Technologies was down by 0.82% and Tata Motors was down by 0.25%. On the flip side, HDFC Bank was up by 0.27% and Dr. Reddy’s Lab was up by 0.18%.

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