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Saturday, 3 December 2016

Wall Street News with Indian ADRs Update

Indian ADRs: Wipro, HDFC Bank slip; Dr Reddy's Labs gains 

Indian ADRs finished mixed on Friday. In the IT space, Infosys stayed unchanged at USD 14.31 while Wipro fell 0.14 percent at USD 9.33.

In the banking space, ICICI Bank was up 0.1 percent at USD 7.68 and HDFC Bank was down 0.87 percent at USD 63.03. 

In other sectors, Tata Motors slipped 0.41 percent at USD 32 and Dr Reddy's Laboratories increased 0.21 percent at USD 46.26.

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Wall Street little changed as bank rally pauses 

The S&P 500 financial index has risen 13.1 percent since the November 8 vote, while industrials have climbed more than 7 percent. 

However, the rally in financials eased on Friday, and the index finished down 1 percent as the worst performing of the 11 major S&P sectors. 

"There has been a lot of crowded trades going on and the zoom up in financials looks like it is probably one of them,"

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Goldman Sachs, off 1.4 percent, fell for the first time in four days, while Bank of America, off 1.3 percent, Citigroup, down 2.2 percent, and Wells Fargo lost 1.4 percent as the top drags on the S&P.

The Dow Jones industrial average fell 21.5 points, or 0.11 percent, to 19,170.42, the S&P 500 increased 0.87 point, to 2,191.95 and the Nasdaq Composite included 4.55 points, to 5,255.65. 

For the week, the Dow increased 0.1 percent, the S&P 500 shed 1 percent and the Nasdaq dropped 2.7 percent. 

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