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US stock market tumbled after mortgage worries triggered selling; Dow Jones fell 1.6% at 12,799

Thursday, November 22, 2007

The US stock market headed into the thanks-giving holiday on a low note. Stocks tumbled after mortgage worries triggered selling.

The worries over the economy sent investors rushing to the safety of government securities. The 10-year yield fell below 4% for the first time since 2005. The shift into bonds came as the Dow briefly sank below august lows.

A late-day recovery effort was staged, but the Dow and S&P ran into resistance at their intra-day peaks, and eventually finished the day at their intra-day lows. The Nasdaq weathered the late-day selling efforts better, to finish well above its intra-day lows.

There were a few economic releases yesterday. Weekly initial jobless claims & the October leading indicators fell to -0.5%. The S&P 500 fell 1.59% and has now lost all its gains for the year. Dow Jones fell 1.6% at 12,799. And the Nasdaq fell 1.3% to a two-month low at 2,562.

Indian ADRs plunges due to selling pressure in US mkts; VSNL down 9%

Indian ADRs plunges as mortgage worries triggered selling in the US markets. All the ADRs ended in red on Wednesday. VSNL was the biggest loser, which was down almost 9% and was at $ 25.56. Another telecom ADR, MTNL was down 6.42% and was at $ 8.16.

In tech space, the major loser was Satyam Computers, which was down 6% and was at $ 24. Wipro was down 4.18% and was at $ 12.84. IT major Infosys was down 3.66% and was at $ 38.66 while Patni Computers was down by a minimal 0.52% and was at $ 15.20.

In banking ADRs, ICICI Bank was the major loser, which was down 7.17% and was at $ 56.10 and HDFC Bank was down almost 6% and was at $ 116.48. In other sector ADRs, Dr Reddy’s Labs was down 3.58% and was at $ 14.80 and Tata Motors was down 3.37% and was at $ 16.90.

Posted by FR at 9:25 AM  

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