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e performance, the Dow and S&P are still posted their best January since 1997.
TheAsian Markets are set to open lower after U.S. stocks fell for a fourth day, the longest streak for the Dow Jones Industrial Average since August, as reports showed consumer confidence trailed economists' projections and business activity cooled. Despite the session's lacklustre performance, the Dow and S&P are still posted their best January since 1997.
S&P500 fell 0.60 points, or 0.05%, to close at 1312.41 with financials gaining and energy stock losing. The Dow Jones Industrial Average finished 20.81 points lower, or 0.16%, at 12632.91, while the Nasdaq gained 1.90 points or 0.07%.
Stocks erased early gains as reports showed that consumer confidence unexpectedly dropped in January and a gauge of business activity fell, underscoring forecasts that the U.S. economy will cool after expanding at the fastest pace since the second quarter 2010. Earlier gains were triggered after most countries in Europe agreed to tighter budget controls and Greece made progress on debt talks.
The euro fell to its weakest level in almost a week versus the dollar as investors speculated European policy makers won't be able to reach an agreement regarding Greece's debt obligations. The euro was down 0.5% to $1.3085 at 3:56 p.m. New York time, after touching $1.3042, the lowest level since Jan. 25.
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U.S. crude extended losses in late trading, dragged by weaker-than-expected U.S. economic data that erased early gains spurred by hopes of a Greek debt restructuring deal. U.S. March crude [CLCV1 98.33 -0.45 (-0.46%)] crude fell a third straight session, slipping 30 cents to settle at $98.48 a barrel, after jumping to $101.29. For the month, U.S. crude dipped 35 cents, or 0.35%.
Gold traded nearly flat, but the precious metal had its biggest monthly rise since August on global economic unease and the U.S. Federal Reserve's long-term outlook for near-zero interest rates. U.S. gold futures for April delivery rose $6 to settle at $1,740.40 an ounce.
