US markets bounce back; erases weekly losses
Date: 14-07-2012US markets bounced back in style on Friday, erasing their losses for the week after in line data from China allayed concerns about a further slowing of global growth and banks advanced after JPMorgan released earnings, looking like it has healed itself. Though, on the economy front the data remained mixed, Labor Department report showed US producer prices unexpectedly rose 0.1 percent in June, against expectation of a decline of 0.5 percent. On the other hand, the Thomson Reuters/University of Michigan Surveys of Consumers preliminary reading on the overall index on consumer sentiment fell to 72.0 from 73.2 in June. But the markets rallied on data showing growth in China slowed for a sixth straight quarter to 7.6 percent, better than feared.
The Dow Jones industrial average surged by 203.82 points, or 1.62 percent, to 12,777.09. The S&P 500 Index gained 22.01 points, or 1.65 percent, to 1,356.77, while the Nasdaq Composite added 42.28 points, or 1.48 percent, to 2,908.47.
Most of the Indian ADRs closed in green on Friday, HDFC Bank was up by 1.32%, ICICI Bank was up by 0.86%, Infosys was up by 1.46%, Wipro was up by 0.08% and Tata Motors was up by 0.34%.