Wall Street closed mixed after an earlier rally after Warren Buffett offered to reinsure $ 800 billion in municipal debt risk from the top three bond insurers. However bond insurers AMBAC and MBIA got hammered on the news. Critics said the plan would take care of municipal bonds but leave bond insurers with a portfolio of riskier debt including CDOS.

General motors shares skidded after the auto maker delivered a worse-than-expected earnings report. GM posted an adjusted profit of $ 46 million but that included a $ 1.6 billion tax benefit.

After spending most of the day in positive territory, markets retreated in a late trade led by the big-cap technology issues. That selling pressure weighed on the broader market, as did a retrenchment in most sectors in the final hour. The tech sector, that was up as much as 1.2%, ended down 0.2%.

The Dow gained 133.40 points, or 1.09%, to 12,373.41. The Standard & Poor's 500 index rose 9.73 points, or 0.73%, to 1,348.86. However, the Nasdaq composite index was down at 2,320.04.

A look at how the Indian ADRs performed: