Wall St slips on rate cut doubts; ADRs drop

The Wall Street ended in negative zone for the third straight day yesterday after Federal Reserve officials cast doubt on the outlook for more interest cuts. The markets are expecting another 50 basis points rate cut in March.
The Dow Jones industrial average slipped 65 points to 12,200. The Nasdaq shed 31 points at 2,279.

Indian ADRs, too, ended weak. VSNL plunged over 3% to $24.20. Sterlite, Satyam, Wipro and Patni Computers tumbled over 2.5% each to $19.70, $23.71, $11.59 and $13.55, respectively. MTNL dropped 2% to $6.39, and ICICI Bank was down 1.7% at $56.76. Genpact, however, gained 2.5% at $13.23.