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US markets close lower ahead of Greece confidence vote

05 Nov 2011 Evaluate
The US markets took a pause after two days of surge on the last trading day of the week ahead of a confidence vote for Greece's embattled prime minister Friday. There was cautiousness among the investors that the country might not go through with an austerity program needed to prevent the default on its debt. On the same time the mixed jobs report too failed to support the morale of the markets, the government reported that 80,000 jobs were created last month, much lower than the 158,000 added in September. However, on the positive side, the unemployment rate fell to 9 percent from 9.1 percent, the first decline since July.

The Dow Jones industrial average closed lower by 61 points, or 0.51 percent, to 11,983.47. The S&P 500 fell by 7.91 points, or 0.63 percent, at 1,253.24, while the Nasdaq composite declined by 11.82 points, or 0.44 percent, to 2,686.15.

Most of the Indian ADRs closed in red on Friday, ICICI Bank was down by 0.58%, HDFC Bank was down by 0.97%, Tata Motors was down by 0.23%, while MTNL was marginally up by 0.01%.

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