Indian ADRs close higher, Rediff rises 4.71%
Indian ADRs close higher, Rediff rises 4.71%
US Market closed higher on Tuesday (Sep. 04, 2007) after a decline in the manufacturing growth and construction expenditure raised investors hope that, Federal Reserve would go for a rate cut.
The Institute for Supply Management said that the manufacturing sector expanded at slow pace in August than in July, and the Commerce Department said that the construction spending fell in July by 0.4%. The investors were not much disappointed from the data, as the data released was neither too weak nor too strong.
The Dow Jones industrial average advanced 91.12 points, or 0.68%, to 13,448.86.
NASDAQ composite index rose 33.88 points, or 1.30%, to 2,630.24.
Indian ADR index closed 1.20% up, after investors gained confidence on speculation that there might be a rate cut by Federal Reserve.
