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Fear of Recession hits market again - ADRs down

Despite high dose of Emergency rate cuts and stimulus package fear of recession is back in the minds of the invester again. It seems that downturn that began in the housing and financial markets has spread to industries including hospitality, banking, insurance, telecommunications and retail. A key index of activity at non-manufacturing businesses fell in January to its lowest level since the 2001 recession.
This news has brought down Dow Jones industrial average 2.9% at 360 Points. The broader Standard & Poor's 500-stock index was its worst single-day tumble since Feb. 27, 2007. IT lost nearly 3.2%.
Indian ADRs, too, ended with significant losses. Sterlite, Infosys, Satyam, Wipro, ICICI Bank, HDFC Bank, MTNL, VSNL and Tata Motors tumbled 4-7% each.
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