US mkts finished lower on Friday

The US markets finished lower on Friday after a late sell-off erased the day’s gains. Stocks struggled to hold on to gains for much of the day but worries about a possible downgrade of the US credit rating left the market on rocky ground ahead of the memorial day weekend.

Financials lagged the broader market and ended 1.2 percent lower, worse than any other major sector. Banks were the primary drag on the financial sector. Also Read – How ADRs performed <!– /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:”"; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:”Times New Roman”; mso-fareast-font-family:”Times New Roman”;} a:link, span.MsoHyperlink {color:blue; text-decoration:underline; text-underline:single;} a:visited, span.MsoHyperlinkFollowed {color:purple; text-decoration:underline; text-underline:single;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} –>

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The Dow Jones industrial average slipped 14.81 points, or 0.18%, to 8,277.32. The S&P 500 Index was down 1.33 points, or 0.15%, to 887. The Nasdaq Composite Index dropped 3.24 points, or 0.19%, to 1,692.01.

For the week, the Dow finished relatively flat – up just 0.1 percent. The Nasdaq gained 0.7 percent, and the S&P added 0.5 percent.

In Currencies:

The dollar declined to a four month low against the euro for the first time since January on concern US creditworthiness deteriorated and near-zero borrowing costs made the nation’s assets less attractive to investors. The yen touched a nine-week high versus the dollar. Watch out for how IT stocks may fare on Monday as the rupee strengthens against the dollar.

In Commodities:

Crude climbed 1 percent after the dollar dipped against major currencies on speculation the US may lose its AAA credit rating. The July contract rose 62 cents to settle at 61.67 dollars.

Copper rose, capping weekly gains in London and New York, as Chinese imports of the metal climbed to a record and inventories continued to drop.

The Indian ADR ended higher. In the IT space, Satyam was up 12.50% at $ 2.16, Infosys was up 0.22% at $ 31.60, Patni was up 3.33% at $ 9.32 and Wipro was up 0.83% at $ 10.96.

In the telecom space, Tata Comm was up 1.54% at $ 25.12, while MTNL remains flat. In the banking space, ICICI Bank was up 5.32% at $ 29.50 and HDFC Bank was up 2.22% at $ 91.81.

In the other sector, Tata Motors was up 0.63% at $ 9.61, Sterlite was up 1.67% at $ 10.95 and Dr Reddys was up 2.91% at $ 13.43

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