The US markets tumbled after a series of economic reports disappointed the street. The Dow and the S&P 500 hit lowest levels in a month on economic worries. The widespread weakness also stoked volatility & the volatility index spiked back above its 50-day moving average.
The initial jobless claims for the week ended August 14 hit a half million for the first time since November. It also exceeded the 475,000 claims that had been widely expected.
The European markets hit a one-month closing low on the back of disappointing economic numbers from the US.
Currency watch: Disappointing US data led to the dollar's recovery from its early weakness. The euro retreated after initially advancing amid German central bank's increased GDP forecast. Meanwhile the greenback slipped near a 15-year low versus the yen.
Crude slips below the 75 dollar mark as weak US data fueled worries that the economic recovery is stalling, deepening concerns about demand in the world's biggest oil consumer.
Meanwhile gold continued its upward rally , as economic uncertainty prompted investors to buy gold as a safe haven. The yellow metal rose to its highest level since July 1, rallying for a sixth straight session.
Some global stock news:Intel has agreed to buy computer-security software firm MacAfee for USD 7.68 billion.
Back home the Nifty cruised to a 30-month high above 5500 yesterday coupled with robust volumes. The Sensex was up by 1% above the 18,450-mark. ANALYSIS.However, they may be in for some profit booking today as even the Asian markets were trading weak.
Bull of yesterday's trade:Stock that rose 20%, 60% in a month.
