The US stocks ended mixed on Tuesday despite optimism over
euro zone meetings and better-than-expected Italian bond auction,
Xinhua reported.
Obama vows to help EU come out of crisis Tuesday's movement came after Monday's rally, in which the
Dow soared nearly 300 points on strong holiday sales and hopes for possible European bailout plans.
However, the S&P 500 finished below the key technical level of 1,200, making some investors concern about the market sell-off in near future.
Volatility expected in global economy: Singapore PM The results of Italian bonds auction helped to support the euro. Italy received good demand at its auction of 7.5 billion euros of bonds on Tuesday, despite that the yields were still at euro-era high of 7.89 per cent.
The European Central Bank said that it absorbed 194.2 billion euros in liquidity from the financial system last week, short of its target of 203.5 billion euros.
India a victim of Eurozone crisis: Pranab On economic front, a latest report from the Conference Board on Tuesday showed confidence among US consumers improved in November, suggesting Americans may be more willing to spend in the ongoing holiday shopping season.
Limiting the gains, S&P/Case-Shiller1 Home Price Indices fell 3.59 per cent in September, more than estimates, showing the battered housing market was still far from a sustainable recovery.
As of Tuesday's close, the Dow Jones industrial average gained 32.62 points, or 0.28 per cent, to 11,555.63. The Standard & Poor's 500 added 2.64 points, or 0.22 per cent, to 1,195.19. The Nasdaq Composite Index dropped 11.83 points, or 0.47 per cent, to 2,515.51.
Meanwhile, rating agency Standard & Poor's cut its credit ratings on several large banks shortly after the closing bell. The five banks were Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo.
Stock futures dropped on the latest news. On other markets, the US dollar fell against major currencies in late New York trading on Tuesday as Italian bonds auction helped to ease investors'concerns about the European debt crisis.
US crude oil on Tuesday surged to near $100 a barrel as Italy successfully raised fund through bond auction and Iran tension rose.
Light, sweet crude for January delivery gained $1.58, or 1.61 per cent to settle at $99.79 a barrel on the New York Mercantile Exchange after hitting the intraday high of $100.06 a barrel. In London, Brent crude for January delivery also climbed and last traded around $111 a barrel.
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