Overnight Update: US stocks sold off on Thursday sending the main indexes below key support levels
Overnight Update: US stocks sold off on Thursday sending the main indexes below key support levels. The S&P 500 breached the psychologically important 1,850 level, while the Dow dropped below its 50-day moving average. Treasury prices continued to rally after a disappointing auction of long-term bonds, setting the market up for its fourth consecutive day of gains. The US dollar slightly pared losses against most major rivals, with a gain in monthly US retail sales and decline in weekly jobless claims. Gold futures settled with a modest gain. Oil futures held their ground around $98 a barrel. European stock markets fell to near their lowest level since early February. London: BHP down 0.17% Rio down 0.36%. New York: BHP up 0.12% Rio down 1.24%. Base metals on the LME traded mostly lower. Geopolitical risks including those in Ukraine, credit-crunch concerns in China and changes in the Federal Reserve's bond-buying program.
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