Global markets

Markets close flat as Fed sparks late-day sell-off

US stocks cut gains to end mostly flat after a late-day sell-off as yet another cautious statement from the Federal Reserve on the economy offset strong retail sales data for November.

The Dow Jones industrial average was up 47.98 points, or 0.42 percent, at 11,476.62. The Standard & Poor's 500 Index was up 1.13 points, or 0.09 percent, at 1,241.59. The Nasdaq Composite Index was up 2.81 points, or 0.11 percent, at 2,627.72.

European shares rose in thin volume to gain a seventh straight session, as upbeat US retail sales figures reinforced confidence in the pace of economic recovery.

The FTSEurofirst 300 index of top European shares closed up 0.3 percent at 1,132.46 points in the longest winning run since June, though volume was low as the year-end holiday season approached.

Japan's Nikkei average edged up 0.2 percent, posting a seven-month closing high for a second day as upbeat Chinese economic data encouraged buying of commodity stocks and construction equipment makers.

The benchmark Nikkei rose 22.88 points to 10,316.77.