It's been a topsy-turvy day in US markets. With stocks sliding at the open after the CPI report, then rebounding in the afternoon as investors toggled their focus to HP's better-than-expected results. The Federal Reserve signaling more rate cuts also supported the gains.

According to minutes from the last meeting, policy makers are still worried about further weakness and that economic stimulus wouldn't arrive in

time to avert a recession. An interesting detail in the minutes is that the Fed raises its assessment of inflationary risk. The Fed also lowered its growth forecast for 2008.

Higher-than-expected CPI report fanned concerns about inflation. CPI came in 0.4% higher for January. Core inflation grew 0.3%, making the annual core rate 2.5%. Housing starts rose 0.8% last month.

The Dow Jones industrial average gained 90.04 points, or 0.73%, to 12,427.26. The Standard & Poor's 500 index rose 11.25 points, or 0.83%, to 1,360.03, and the Nasdaq composite index advanced 20.90 points, or 0.91%, to 2,327.10.

A look at how the Indian ADRs performed: