Wall St cheers on Citi outlook; ADRs zoom
The Wall Street ended with significant gains after Citigroup said it was profitable in the first two months of 2009.
The Dow Jones industrial average rallied 379.44 points, or 5.80% to 6,926.49, as blue chips rebounded strongly from 12-year lows on Monday. The Nasdaq surged 89.64 points, or 7.07%, to 1,358.28.
The rebound came as an internal memo showed struggling US banking giant Citigroup is seeing a return to profitability in early 2009 after punishing losses last year.
Indian ADRs, too, ended with smart gains. ICICI Bank zoomed 16.27% to $11.58. Tata Motors soared 12.15% to $3.60.
Wipro and HDFC Bank soared around 11% each to $5.98 and $50.99, respectively. Infosys gained 7.41% to $24.51 and MTNL advanced 7.11% to $2.41. Sterlite was up 6.78% to $5.04.
Tata Communications, Satyam, Genpact, Dr Reddy's & Patni Computers rallied 3-6.8% each to $16.13, $1.81, $7.67, $7.74 & $4.94, respectively.