US stocks fell on Monday, save for pockets of strength among technology shares, as investors consolidated strong gains seen last week after the Federal Reserve's hefty rate cut. Financial stocks fell amid fresh concerns about tightness in the credit markets. With little fresh data to go on Monday, investor enthusiasm weakened by midsession. Sectors from banks to homebuilders showed declines, while technology stocks fared better.

Stocks began to give up their gains after the International Monetary Fund warned the credit upheaval hurting international financial markets would likely be "protracted" and dampen growth of the global economy. The financial sector also weakened after Reuters reported that Deutsche Bank might have to write down a portion of its loan portfolio.

While its stock didn't fall sharply, General Motors Corp. shares lost ground after the United Auto Workers began its first nationwide strike during auto contract negotiations since 1976. At the New York Stock Exchange, more than 1.3 billion shares were traded, with declining stocks ahead of decliners by roughly 5 to 3.
Volume at the Nasdaq came to nearly 1.9 billion shares, with decliners edging ahead of advancers 9 to 5.

he Dow Jones industrials fell 61.13, or 0.44%, to 13,759.06. Broader indicators fell, with the Standard & Poor's 500 index declining 8.02, or 0.53%, to 1,517.73, while the Nasdaq composite index lost 3.27, or 0.12%, to 2,667.95.

Bonds edged higher, with the yield on the benchmark 10-year Treasury note falling to 4.62% from 4.63% late Friday. Treasury prices have fallen since last week's rate cut as investors moved back into stocks. The dollar fell against major currencies, hitting a fresh low against the euro, and gold prices rose. Oil prices fell as a tropical depression in the Gulf of Mexico dissipated without causing damage to key oil and gas infrastructure. A barrel of light, sweet crude settled down 67 cents at $ 80.95 on the New York Mercantile Exchange.


Indian ADRs end mixed; Techs suffer

Indian ADRs had a mixed session yesterday. Technology stocks bore the brunt and were the major losers as a rising rupee put pressure. In the technology pack, Infosys Technologies was down 1.39% at 45.97, Patni Computers was down 0.69% at 23.08, Satyam Computers was down 4.61% at 23.60, while Wipro ended the day 0.58% lower at 13.82.

In the non-technology pack, HDFC Bank was up 1.93% at 102.94, VSNL was up 3.29% at 22, ICICI Bank was up 2.42% at 51.21, MTNL was up 1.4% at 7.96, Tata Motors was up 1.48% at 18.50, Dr Reddy's Lab was up 0.62% at 16.15 and Sterlite was up 1.35% at 18.