NEW YORK ( TheStreet) -- Reversing two straight weeks of gains, emerging-market indices eroded considerable value last week. Brazil's Bovespa shed the maximum of 3% as economists have revised Brazil's 2011 GDP forecast slightly lower to 3.94% from 3.95%. Further, Brazilian banks and retail stocks pulled back on the expectation of higher interest rates. Meanwhile, China's benchmark Shanghai Composite Index and India's Nifty slipped 0.4% and 0.3% at close last week, respectively.The S&P 500 and the Dow Jones closed on a positive note last week, gaining 1.8% and 2%, respectively. The U.S. equity markets rose last week as Greek lawmakers passed a five-year austerity package, qualifying the country for further aid. Additionally, the latest report from ADP Employer Services shows that U.S. companies added twice as many jobs as forecast in June.
Emerging-Market ADRs: Winners and Losers
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