US markets closed modestly higher on Wednesday, worries of Japanese crisis was still looming and the stocks remained lower for most of the day however a spurt in energy stocks was seen after Energy Department report showed that gasoline consumption continues to grow despite sharp price increases at the pump, it shows that higher fuel cost has not made much impact. Meanwhile the Japanese government estimated that rebuilding costs for the earthquake could be as high as $300 billion, dragging the economy growth by 0.5 percent this year due to the widespread devastation. Also there was a disappointment from the housing front; sales of new single-family homes plunged to the lowest on record in February.
Commerce Department reported that home sales fell 17 percent to 250,000, well below the 700,000 rate being expected, it was the third straight monthly drop. That decline in activity is weighing down the construction industry, which in the past has fueled economic recoveries.
The Dow Jones industrial average gained 67.39 points, or 0.56 percent, to close at 12,086.02.The Standard & Poor's 500 index edged up 3.77 points, or 0.29 percent, to close at 1,297.54. The Nasdaq composite index rose 14.43, or 0.54 percent, to 2,698.30.
Most of the Indian ADRs closed in green on Wednesday, Infosys was up by 1.64%, Wipro was up by 0.29%, HDFC Bank was up by 4.78%, ICICI Bank was up by 2.62%, MTNL was up by 0.05% and Tata Motors was up by 0.60%.
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