US markets soared on Monday and all the major indices were up by about one and a half percent on reports of that Japan's nuclear crisis was stabilizing the Nuclear Regulatory Commission said the situation at the Fukushima Dai-ichi plant appeared to be stabile it further said that containment at three of the plant’s six reactors was intact. Also there were some deals news that helped the markets gain strength, AT&T Inc. said it would buy rival T-Mobile USA for $39 billion, creating the largest US cellphone company, while Charles Schwab Corp. said it would buy online brokerage services provider OptionsXpress for $1 billion.
However, there was a disappointment from the economy front, the National Association of Realtors, an industry group said that sales of previously owned US homes fell unexpectedly sharply in February and prices fell to their lowest in nearly nine years. Sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The median home price dropped 5.2 percent in February from a year earlier to $156,100, the lowest since April 2002.
The Dow Jones industrial average surged by 178.01 points, or 1.50 percent, to 12,036.53. The S&P 500 index gained 19.18 points, or 1.50 percent, to 1,298.38, while the Nasdaq composite rose by 48.42 points, or 1.83 percent, to 2,692.09.
Majority of the Indian ADRs made a green closing on Monday, Infosys was up by 0.65%, Wipro was up by 0.54%, MTNL was up by 0.03% and Tata Motors was up by 0.55%.
On the other hand HDFC Bank was down by 1.79% and ICICI Bank was down by 0.53%.
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