US markets – 23rd Nov 09

US markets snapped their three-day losing streak on Monday after an encouraging report on existing-home sales and a pullback in the dollar; Dow gained 132 points, or 1.3%, to 10,450 its highest level since October 2008; Indian ADRs ended higher

The US markets snapped their three-day losing streak on Monday after an encouraging report on existing-home sales and a pullback in the dollar.

The Dow gained 132.79 points, or 1.3%, to 10,450.95 – its highest level since October 2008. The S&P 500 index added 14.86 points, or 1.4%, to 1,106.24, while the Nasdaq Composite Index rose 29.97 points, or 1.4%, to 2,176.01.

Driving the gains in the US market was the report that showed existing home sales shot up 10.1% in October to the highest level in 2 and half years. This was well above the 2.3% rise economists had expected and came after a 9.2-percent jump in September.

The dollar fell the most in two weeks against the euro after comments from a Federal Reserve official reinforced expectations US interest rates would stay low for some time.

Crude is trading above USD 77, off earlier highs of nearly USD 80.

Copper futures in London, New York and Shanghai rallied to 14-month highs. The metal gained more than 2%. Among other metals zinc, nickel and aluminum also rose. Gold scaled a record high above 1,173 dollars.

Indian ADRs ended higher on Monday. In Telecom space, MTNL was up 3.21% at $ 3.22 and Tata Communication was up 2.06% at $ 15.84. In Banking space, ICICI Bank was up 2.21% at $ 38.88 and HDFC Bank was up 1.25% at $ 135.79.

In IT space, Infosys was up 1.19% at $ 51.84, Wipro was up 0.73% at $ 20.63, Satyam Computers was up 0.39% at $ 5.15 and Patni Computers was up 5.48% at $ 20.42. In other sectors, Sterlite Industries was up 1.76% at $ 18.5, Dr Reddy’s Labs was up 0.42% at $ 24.12 while Tata Motors ended down 0.07% at $ 13.77.

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