Wall Street declines; Dow down 293 points

The cheer doesn't last for long on wall street due to a sharp drop in crude prices and lingering credit concerns. A broad-based sell-off in the commodities especailly gold triggered concerns about margin calls.  Energy shares fell the most losing 5.4 percent as a group, after crude dropped almost 5 dollars a barrel.

Chevron slid the most in five years as lower fuel demand increased concern that the federal reserve has failed to prevent a recession.

And regulators allowed fannie mae & freddie mac to buy more home loans. The move is expected to provide up to 200 billion dollars which will help the liquidity situation of the companies

The Dow plunged 293 points, or 2.36%, to 12,099.66. The Standard & Poor's 500 index declined 32.32 points, or 2.43%, to 1,298.42, and the Nasdaq composite index was down 58.30 points, or 2.57%, to 2,209.96.

A look at how the Indian ADRs performed: