US markets snap 3-day rally on euro zone debt crisis
Published on Thu, Feb 23, 2012 at 07:53 | Source : Moneycontrol.com
Updated at Thu, Feb 23, 2012 at 08:14
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US markets snap 3-day rally on euro zone debt crisis
The US markets snap their 3-day rally to end in the red amid ongoing concerns over the euro zone debt crisis and as investors took a breather following the strong run-up that propelled major averages to multi-year highs. However, the indices are on pace to log their best two-month start to the year since 1991.
The US markets snap their 3-day rally to end in the red amid ongoing concerns over the euro zone debt crisis and as investors took a breather following the strong run-up that propelled major averages to multi-year highs. However, the indices are on pace to log their best two-month start to the year since 1991.
On economic data front, existing home sales in US increased 4.3% to an annual rate of 4.57 million units in January. And weekly mortgage applications declined last week.
In key data to watch out for in US today, weekly jobless claims are expected to rise to 355,000 for week ended February 18.
In the currency space, Euro resilient at 1.32 to the dollar despite weak euro zone economic data.
In commodities, crude price stable with Brent above USD 122 levels on worries that Iran's confrontation with the west would escalate.
From the precious metals space, gold jumps to a three-month high reversing early losses as bullish technical factors triggered fund buying. Gold is currently trading around USD 1771 levels.
