Wednesday, May 23, 2012

Global shares retreat ahead of EU summit, data

US stocks fell today on mounting concerns over Greece's future in the euro zone and as a weaker-than-expected revenue forecast from computer maker Dell weighed on investor sentiment.

he Dow Jones industrial average dipped 6.66 points, or 0.05 percent, to 12,496.15. The S&P 500 Index edged up 2.23 points, or 0.17 percent, to 1,318.86. The Nasdaq Composite gained 11.04 points, or 0.39 percent, to 2,850.12.

Meanwhile, banks and basic resource stocks led European shares sharply lower around midday, correcting a two-session rally in volatile trade, as investors turned cautious ahead of a meeting of European Union policy makers.

The FTSEurofirst 300 index of top European shares was down 16.18 points, or 1.6 percent at 977.49, having gained 2.5 percent in the last two trading days, while the euro zone's blue chip Euro STOXX 50 index shed 46.52 points, or 2.1 percent, to 2,146.33.

In Asia, Nikkei share average shed 2 percent  to a four-month closing low as exporters took a beating on a firmer yen after the Bank of Japan's latest statement raised doubt about its commitment to easing monetary policy.

The Nikkei ended down 172.69 points at 8,556.60, erasing the 1.4 percent technical rebound over the past two sessions since it suffered a 3 percent slide on Friday.