Asian Markets are set to open lower after U.S. stocks fell, driving the Dow Jones Industrial Average to its longest slump in almost four months, as slower-than-estimated economic growth overshadowed signs the Federal Reserve may provide more stimulus.
Stocks fell as revised Commerce Department figures showed that gross domestic product climbed at a 2 percent annual rate from July through September, less than projected and down from a 2.5 percent prior estimate. Equities briefly turned higher as some Fed officials said the central bank should consider easing policy further, according to minutes of their Nov. 1-2 meeting.
The Dow Jones Industrial Average fell 54 points, or 0.46%, to 11493.70, while the Standard & Poor's 500-stock index dropped 5 points, or 0.41%, to 1188.04. The technology-oriented Nasdaq Composite fell 2 point, or 0.07%, to 2521.28.
The EURUSD rose back towards the day's highs against the dollar Tuesday after the International Monetary Fund unveiled more tools to improve liquidity and financing needs for its members, a move seen as aimed at stemming contagion of Europe's debt crisis.
WTI Oil (see chart above) rose for the first time in four days as new sanctions against Iran and protests in Egypt raised concern that supplies will be disrupted. Crude for January delivery gained $1.09 to settle at $98.01 a barrel on the New York Mercantile Exchange. Trading ranged from $96.55 to $98.70.
Gold futures rose the most in a week after mounting debt woes in the U.S. and Europe spurred demand for the metal as a store of value. Gold futures for December delivery gained 1.4 percent to settle at $1,702.40 an ounce at 1:54 p.m. on the Comex in New York, the biggest gain since Nov. 11.
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