HTTP/1.1 200 OK Server: Microsoft-IIS/7.5 Connection: close

HTTP/1.1 200 OK
Server: Microsoft-IIS/7.5
Date: Tue, 03 Jan 2012 15:44:21 GMT
Connection: close

I figured out I had to create a site collection for the site to browse. I went and created site collection for the new web application

Central Administration > Application Management under Site Collections > Create Site Collections

Select the web application and select a template to create site collection.

That resolved the issue.

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