The US markets closed mixed on Wednesday, after trading in a narrow range with the Dow ending the session lower for a second day in a row, as a disappointing outlook from IBM weighed on the blue chip index. The company reported fourth-quarter revenue that fell short of estimates and disappointed with its earnings outlook. Besides, a number of Fed members signaled they would vote in favour of another reduction if the US economic recovery remained on course. The central bank has already reduced its monthly bond-buying from $85bn to $75bn, and is expected to cut it back by a further $10bn in February. The Federal Open Market Committee is not due to make a firm decision until its meeting on January 28 and 29, but a number of its members have clearly signaled they would vote in favour of another reduction if the US economic recovery remained on course.
The Nasdaq added 17.24 points or 0.41 percent to 4,243.00, the S&P 500 gained 1.06 points or 0.06 percent to 1,844.86 while the Dow Jones Industrial Average lost 41.10 points or 0.25 percent to 16,373.34.
Indian ADRs closed mostly in green on Wednesday; Infosys was up 0.96%, Tata Motors was up by 0.57% and ICICI Bank was up 0.16%. On the other hand, HDFC Bank was down by 0.25% and Dr. Reddy’s Lab was down 0.03%.