Asian Markets are set for a weak opening after US Stocks rebounded from earlier losses to finish narrowly mixed Thursday, with the S&P adding small gains to the New Year rally, ahead of a key government employment report.
The Dow Jones Industrial Average finished 2.72 points lower, or 0.02%, at 12415.70 with financials and technology lead the gains. The S&P500 rose 3.76 points, or 0.29%, to 1281.06, while the Nasdaq rose 21.50 points or 0.89%.
Stocks had been under pressure earlier in the session amid ongoing jitters over the European debt crisis and a decline in the euro to its lowest level since September 2010.
The euro fell to an 11-year low against the yen and the weakest level in 15 months versus the dollar on concern Europe’s debt crisis is worsening and as reports showed the U.S. labor market is strengthening. It dropped 1.2% to $1.2788, tumbling below $1.28 for the first time since Sept. 13, 2010, and touching $1.2777.
Oil fell for the first time in three days as U.S. inventories gained and borrowing costs in France rose, adding to concern that Europe will struggle to contain the debt crisis. Crude for February delivery fell $1.41, or 1.4%, to $101.81 a barrel on the New York Mercantile Exchange.
Gold futures rose, capping the longest rally in 10 weeks, after U.K. Defense Secretary Philip Hammond said the country may take military action if Iran carries out its threat to block the Strait of Hormuz. Gold futures for February delivery advanced 0.5% to settle at $1,620.10 an ounce
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