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

Am getting this following error,

HTTP/1.1 200 OK
Server: Microsoft-IIS/7.5
Date: Sun, 15 Jul 2012 10:11:46 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.