US markets closes mixed despite a smart recovery

US markets made a good bounce back in last hours, recovering from the lows of the day to close flat on Wednesday, as a message from European leaders in support of Greece assuaged investor fears that the country is on a path to exit the eurozone. Earlier in the day as concerns mounted over Greece's future in the euro zone, the indices slipped. However, indices briefly trimmed their losses after data showed new US single-family home sales rose more than expected in April, adding to the sense that housing is stabilizing in the country. The Tech stocks were the laggards of the day on getting a weaker-than-expected revenue forecast from the third-largest computer maker Dell Inc, spurring fears that global tech spending was declining faster than anticipated.

But the recovery occurred on Indications that each euro-zone country countries were told to prepare an individual contingency plans for a possible exit by Greece from the single-currency bloc.

The Dow Jones Industrial Average lost 6.66 points, or 0.05%, to close at 12,496.15. The S&P 500 was up by 2.23 points, or 0.17%, to finish at 1318.86, and the Nasdaq rose by 11.04 points, or 0.39%, at 2850.12.

Indian ADRs closed mostly lower on Wednesday, HDFC Bank was up by 0.14%, Patni Computers was up by 0.27%.

On the other hand ICICI Bank was down by 0.35%, Infosys was down by 0.48%, Wipro was down by 0.04% and Tata Motors was down by 0.27%.