US markets closed lower after brokers downgraded several big names in the financial sector they say that consumers are increasingly falling behind on their loan payments.

American Express slumped after UBS said unemployment will rise in the US. Goldman Sachs removes Morgan Stanley from its 'buy' list. Wells Fargo dropped the most in seven years after Merrill Lynch said loan losses may increase.

Google shares declined after it offered to help yahoo fend off Microsoft. Stocks also fell after orders to US factories rose less than economist forecast. The orders increased 2.3% compared to a 2.6% forecast.

President Bush unveiled a $ 3.1 trillion spending plan for the next fiscal year. He did admit that a weaker economy might lead to a higher budget deficit.

The Dow plunged 108.03 points, or 0.85%, to 12,635.16. The S&P 500 index slipped 14.60 points, or 1.05%, to 1,380.82, and the Nasdaq shed 30.51 points, or 1.26%, to 2,382.85.

A look at how the Indian ADRs performed:

Name Infosys Sify Rediff.com India Satyam Wipro ICICI Bank HDFC Bank MTNL VSNL Dr Reddy's Lab Tata Motors Patni Computer Sterlite Ind

Symbol INFY SIFY REDF SAY WIT IBN HDB MTE VSL RDY TTM PTI SLT

Price 42.69 5.20 9.55 26.02 12.71 60.44 117.39 6.88 26.85 13.74 19.83 14.28 21.26

Change -0.81 -0.05 0.09 0.21 0.07 -1.82 -3.61 0.32 0.35 -0.22 0.08 0.83 -0.14

Change% -1.86% -0.95% 0.95% 0.81% 0.55% -2.92% -2.98% 4.88% 1.32% -1.58% 0.41% 6.17% -0.65%

Volume 3,054,878 210,742 116,163 672,253 393,000 1,601,797 388,460 191,418 107,600 617,122 1,376,636 54,300 755,283

High 43.14 5.36 9.81 26.30 12.82 62.30 121.00 6.88 27.15 14.06 20.05 14.28 22.00

Low 42.36 5.15 9.46 25.30 12.61 60.01 116.81 6.50 25.69 13.57 19.64 13.23 21.00