Global stocks cut losses on Fed report

Stocks pared their losses after the Federal Reserve gave a positive assessment of US economic conditions.

On Wall Street, the Dow Jones industrial average was down 14.23 points, or 0.11 percent, at 12,990.89. The Standard & Poor's 500 Index was down 1.85 points, or 0.13 percent, at 1,370.33. The Nasdaq Composite Index was down 10.14 points, or 0.34 percent, at 2,976.62.

European shares surrendered earlier gains and finished slightly lower after bearish comments from US Federal Reserve Chairman Ben Bernanke on the country's unemployment, prompted investors to take money off the table.

The FTSEurofirst 300 index of top European shares ended 0.1 percent lower at 1,075.25 points after rising to 1,084.55. The index, which fell 10.7 percent in 2011, hit a seven-month high last week and is up 7.4 percent this year. It rose 3.7 percent in February, the best month since October.

In Asia, Japan's Nikkei average ended flat today and failed to top the key 9,800 level as investors took profits before the liquidity operation by the ECB, but the index still logged its best February performance in two decades.

The Nikkei ended flat at 9,723.24 after earlier .jumping as high as 9,866.41. The benchmark gained 10.5 percent this month, logging its best February performance since 1991, shrugging off negative news from Elpida Memory Inc's bankruptcy filing this week.