Asian Markets are set to start the trading day higher after US stocks rose, sending the Dow Jones Industrial Average to the highest level since October, amid optimism that European leaders will announce further efforts to halt the debt crisis at a summit this week.
The Dow Jones Industrial Average finished 46.24 points higher, or 0.38%, at 12196.40, after losing as much as 1.1% earlier in the session. The S&P500 gained 2.54 points, or 0.2%, to 1261.01, while the Nasdaq fell 0.35 points or 0.01%.
Stocks were down earlier in the session as S&P placed the EU's AAA credit rating on negative watch in addition to some of the Europe biggest banks. This comes after the agency's recent warning to 15 of 17 euro zone nations.
The EURUSD fluctuated against the dollar, after erasing earlier losses, as optimism increased that European leaders will be able to agree on measures to help solve the region's debt crisis. The euro was little changed at $1.3405 at 4:02 p.m. in New York after falling as much as 0.4%.
WTI Oil fell for the first time in four days in New York after the U.S. Energy Department reported that crude and fuel inventories climbed as imports surged. Futures dropped 0.8% after the government said crude stockpiles rose 1.34 million barrels to 336.1 million last week and imports reached a 10-week high
Gold prices rose on low volumes as investors chose to sit on the sidelines ahead of the ECB policy meeting and the European summit at the weekend. January Futures rose $13 to close at $1744.80.
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