February 11, 2011 / 07:56 IST
In the US markets, stocks ended mixed with the Dow ending its winning streak, closing fractionally lower after rising for eight straight sessions as hopes for a possible resolution to the political unrest in Egypt lifted equities off their intraday lows. For the most part, risk-sensitive asset markets held up relatively well, with uncertainty rather than fear being the defining mood.
Dow Jones Industrial Average was down 0.09% or 10.6 points at 12229.29. Nasdaq Composite was up 0.055 or 1.38 points at 2790.45. Standard & Poor's 500 was up 0.07% or 0.99 points at 1321.87.In economic data, new claims for jobless benefits fell to their lowest level in 2.5 years down 36,000 to settle at a seasonally adjusted 383,000. Wholesale inventories climbed 1% to their highest level in almost two years, while sales rose much less than expected. Business inventories rose to USD 430.5 billion, the highest since January 2009. Foreclosures continued their upward climb in January surging 12%. The US treasury monthly budget report showed a January deficit of USD 49.8 billion versus USD 80.0 billion last month.In the day's economic data to watch out for, the US international trade gap in January is expected to rise to USD 40.5 b from USD 38.3. The University of Michigan's consumer sentiment index is expected to rise to 75.0 versus 74.2. The US dollar fell to a 3-day low against the euro on Wednesday, after a strong treasury debt sale accelerated bearish sentiment in the wake of comments by Federal Reserve Chairman Ben Bernanke that its bond buying program would continue. Oil rose after Egyptian President Mubarak defied calls for his resignation, agreeing only to delegate some authority to his deputy, prompting concern supplies may be disrupted amid further unrest. Gold fell near USD 1,363 an ounce as the precious metal remained under pressure from the firmer dollar and sharper risk appetite.
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