Dow drops over 350pts, Wipro slips 4%

Caterpillar Inc.'s warning that the housing slump was infecting the economy sent US stocks tumbling on Friday - a drop that rekindled memories of the 1987 market crash.

While the Dow fell 367 points (2.64%) to 13,522, the Nasdaq Composite dropped 74 points (2.65%) to 2,725.

Indian ADRs also declined sharply yesterday. Wipro slipped over 4% to $14.95. Infosys, Satyam, ICICI Bank and HDFC Bank also finished with losses.