Asian Markets are set to open flat after a mixed night on overseas markets. US Stocks were well off the session lows and ran into the close as the Dow and S&P500 ended in positive territory.
The Dow Jones Industrial Average finished 4.16 points higher, or 0.03%, at 12103.60 after tumbling over 1% earlier in the session. The S&P500 rose 2.42 points, or 0.19%, to 1243.72, while the Nasdaq fell 25.76 points or 0.99%.
U.S. equities followed European shares lower earlier as banks sought more funds from the European Central Bank than economists predicted. Banks borrowed enough cash from the ECB at its first three-year offering to refinance almost two-thirds of the debt they have maturing next year on concern that markets will remain frozen.
The euro fell against most of its major peers amid concern that European Central Bank measures to support its banking sector won’t be enough to arrest region’s worsening sovereign-debt crisis. The euro fell 0.3% to $1.3046, after climbing as much as 0.9% after the ECB announcement.
WTI Oil rose to around $99 a barrel, after the European Central Bank’s first ever offer of three-year loans to banks raised hopes the euro zone would avert a liquidity crisis and head towards economic recovery.
Gold prices fell to settle at $1,613, in line with the euro after a tender for cheap European Central Bank loans failed to convince investors it would ease Europe’s deep-seated debt problems, despite attracting greater-than-expected interest.