The Wall Street rallied smartly for the third straight day amid signs of economic stability and a likely boost for banking stocks from change in accounting rule. The Dow Jones industrial average index rallied past the 8,000-mark, but ended with a gain of 2.8% (216 points) at 7,978. The Nasdaq soared 3.3% (51 points) to 1,603.
Indian ADRs, too, ended with sharp gains. Tata Motors zoomed over 13% to $6.06. Wipro soared nearly 10% to $7.99, and Dr.Reddy's surged nearly 9% to $10.18. Infosys, Satyam, HDFC Bank and Tata Communications rallied nearly 6% each to $28.61, $1.80, $65.78 and $21.86, respectively.