Negative economic and financial reports soured the mood on Wall Street yesterday as banks and other lenders tightened credit to contain damage from losses on mortgages, business loans and related debt.
While the Dow dropped 315.79 points (2.51%) to 12,266.39, the Nasdaq composite index declined 60.09 points (2.58%) to 2,271.48.
Indian ADRs, too, declined sharply yesterday. Infosys dropped nearly 5% to $38.92. Satyam was down over 6% to $24.98. Wipro, ICICI Bank and HDFC Bank also declined.
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