US Markets Made A Mixed Closing On European Concern (19-Jun-2012)
US markets made a mixed closing on Monday as the pro-bailout party's victory in Greece over the weekend provided only little relief, quelling immediate concerns about Greece being on a path to leave the single-currency bloc. The New Democracy Party now faces the challenge of forming a viable coalition government. But news of rising borrowing costs for Spain kept a lid on investor enthusiasm. The start of the market was lower and they oscillated between modest gains and losses. Homebuilders rallied after a measure of confidence among US builders rose to a five-year high. The National Association of Home Builders reported that Housing Market index rose one point from the month before to 29. The single-family home sales component rose to 32 from 30 in May, its highest level since April 2007, in another sign that the housing market may be slowly heading into recovery
Meanwhile, the German Chancellor Angel Merkel has already asserted that the new Greek government should not be given any wiggle room to negotiate the terms of Greece's bailout.
The Dow Jones Industrial Average closed lower by 25.35 points or 0.20%, at 12,741.42. The S&P 500 finished the day up 1.94, or 0.14 percent, to 1,344.78. The Nasdaq closed higher by 22.53 points or 0.78 percent, to 2,895.33.
Most of the Indian ADRs closed in red, HDFC Bank was down by 0.22%, ICICI Bank was down by 0.98%, Wipro was down by 0.06%, Infosys was down by 0.48%.
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