The US markets closed lower on Wednesday, paring losses during the trading session as investors looked for a possible thaw in negotiations over the government shutdown after a private-sector jobs report came out weaker than expected. As the government shutdown dragged into its second day, President Barack Obama invited congressional leaders to the White House for a meeting to discuss the situation and the looming debt-ceiling crisis. Soon after the invitation, a letter from Senate Majority Leader Harry Reid to House Speaker John Boehner went public, proposing that the House reopen the government and discuss differences at a House-Senate conference. Boehner reportedly rejected the proposal.
The chance of shutdown could now blend with the debt-limit debate, prolonging the shutdown to mid-October. Separately, Boston Fed President Eric Rosengren stated that tapering of monthly asset purchases by the central bank could move slowly over the next several years. On the economy front, private-sector employment picked up only slightly in September, as employers added 166,000 jobs, missing estimates, Automatic Data Processing Inc. reported.
The Dow Jones Industrial Average lost 58.56 points or 0.39 percent to 15,133.10, the S&P 500 drop 1.13 points or 0.07 percent to 1,693.87, while the Nasdaq was down 2.96 points or 0.08 percent to 3,815.02.
Indian ADRs closed mostly in green on Wednesday; Infosys was up 0.21%, Wipro was up 0.19% and HDFC Bank was up 0.05%. On the other hand, Tata Motors was down 0.18% and ICICI Bank was down by 0.13%.
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