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GLOBAL MARKETS-Stocks, euro turn negative; oil dips
2012年2月29日 / 下午5点59分 / 6 年前

GLOBAL MARKETS-Stocks, euro turn negative; oil dips

* U.S. stock indexes fall in possible rally reversal
    * Euro down after early gains on ECB cash injection
    * Oil prices extend losses for a third day

    By Barani Krishnan and Herbert Lash	
    NEW YORK Feb 29 (Reuters) - U.S. stocks reversed early
gains on Wednesday, prompting questions on whether the market's
slow and steady rally of the past few months was about to end
amid an unexpected selloff in the euro.	
    The market's reversal came after bearish remarks on the U.S.
economy, in particular the country's job market, by Federal
Reserve Chairman Ben Bernanke, which some traders said may have
accelerated the declines.	
    Stocks fell as traders cashed in on indexes that hit
multi-year highs in early trade, after data showing the U.S.
economy grew slightly faster than initially thought in the
fourth quarter. The pace of business activity in the U.S.
Midwest also picked up in February, to its highest level in 10
    The Nasdaq topped 3,000 for the first time since
mid-December 2000 before retreating. The Dow industrials and the
S&P 500 had also added to the previous day's gains that
catapulted them to 4-year highs.  	
    Bernanke said the economy would have to strengthen to ensure
that the unacceptably high jobless rate keeps dropping --
indicating the Fed was open to buying more bonds to help,
without implicitly saying so. 	
    "Was he dovish? Absolutely, he has to be. Otherwise, he
risks undoing all the policy initiatives he has crafted to press
long-term (interest) rates lower," said Eric Green, an analyst
with TD Securities in New York.	
    In forex markets, traders read Bernanke's testimony as
suggesting the Fed was unlikely to engage in more monetary
easing for now -- meaning a firmer dollar in the near term. That
pushed the euro down 0.8 percent to $1.3361 after having marked
a session low of $1.3343. 	
    By noon, the Dow Jones industrial average was down
36.55 points, or 0.28 percent, at 12,968.57. The Standard &
Poor's 500 Index was down 3.26 points, or 0.24 percent,
at 1,368.92. The Nasdaq Composite Index was down 5.56
points, or 0.19 percent, at 2,981.20.	
    Some repeated their prognosis that the run-up in stocks had
come on light volume, and consistent new highs on the market
would automatically set off technical selling triggers.  	
    "There are a lot of people that put in technical sell
orders, so that is a possibility," said Peter Jankovskis,
co-chief investment officer at OakBrook Investments in Lisle,
    Daily volume on the New York Stock Exchange, NYSE Amex and
Nasdaq averaged 6.87 billion shares in February. The average in
February 2011 was 7.81 billion.  	
    Energy stocks were among the biggest weights on the S&P 500
after data showing a build-up in U.S. crude oil stockpiles. The
S&P energy sector index was down 0.6 percent.     	
    U.S. crude prices fell for a third straight day, with the
front month contract on the New York Mercantile Exchange 
down about half a percent at $105.93 a barrel. London's Brent
crude, however, rebounded from an earlier drop to trade up 0.2
percent at $121.79. 	
    Bond prices fell as demand for safe-haven debt dipped after
the closely watched index on Midwest business activity -- issued
by the Institute for Supply Management-Chicago -- came in
stronger than expected, indicating an economy on the mend.	
    U.S. Treasuries' benchmark 10-year note was down 16/32, with
the yield at 1.9947 percent.

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