US Markets Bounced Back On Positive Developments From Europe (25-Jun-2012)
US markets made a good bounce back on the last trading day of the week as investors concentrated on the European markets after the Moody's Investors Service announced credit downgrades, ranging from one to three notches, for 15 of the world's largest banks, considering it to be on expected lines and the banking shares were the most to move higher. Boosting market sentiment, leaders of Germany, France, Italy and Spain agreed on a 130 billion euros ($156 billion) package to revive growth in the region.
Italian Prime Minister Mario Monti, after the meeting of European leaders in Rome, said the European Union should adopt a series of growth measures equal to about 1 percent of the region's gross domestic product at a summit next week.
The Dow Jones industrial average gained 67.21 points, or 0.53 percent, to 12,640.78. The Standard & Poor's 500 Index added 9.51 points, or 0.72 percent, to 1,335.02, while the Nasdaq Composite Index gained 33.33 points, or 1.17 percent, to 2,892.42.
Most of the Indian ADRs closed in green on Friday, HDFC Bank was up by 0.64%, ICICI Bank was up by 0.96%, Infosys was up by 0.34%, Wipro was up by 0.10% and Tata Motors was up by 0.57%.
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