US markets advance; Dow up 85 points

US markets advanced but closed off Intraday highs. Microsoft reported a rise in earnings that beat expectations, but the company's shares declined by more than 5% during the trade as its outlook disappointed investors. Financials did relatively better with J P Morgan and Citigroup posting strong gains.

The biggest loser on the Dow Jones was Chevron as it dropped 2.2% following drop in oil.

There was little reaction to a dismal housing report, which showed new-home sales tumbling 8.5 % in March to a 17 year low. Inventory swelled to an 11 month supply, the highest since September 1981. Weekly jobless claims however were less than Economists had expected.

Dow gained 85 points to close at 12,849. Nasdaq ended 23 points higher at 2,429. While the S&P 500 closed almost 9 points higher at 1,389.

A look at how the Indian ADRs performed: