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U.S STOCKS:
Blue-chip U.S. stocks finished in the red for the first time in five sessions, while the broader market was flat, as investors watched Europe for developments in its debt crisis. The Dow Jones Industrial Average fell 11.66 points, or 0.1%, to 12708.82. The Dow slipped into negative territory after climbing to an eight-month high early in Monday's session.
The Standard & Poor's 500-stock index ticked edged higher by 0.6 point, or 0.1%, to 1316.00, and the Nasdaq Composite fell 2.53 points, or 0.1%, to 2784.17 . All three benchmarks have posted weekly gains for the past three weeks, and traders cited profit taking as a factor behind stocks' failure to keep momentum. Telecommunications and health-care stocks led Monday's declines, while energy and technology stocks were the best performers on the S&P 500. Europe was in focus in a session that was light in quarterly earnings reports and featured no U.S. economic data. Investors watched Greece as it tries to negotiate a debt-restructuring agreement with its private creditors, an issue that was expected to dominate Monday's meeting of euro-zone finance ministers. Traders pinned gains a potential resolution in Greece.
No economic data greeted investors Monday, though Wednesday brings pending-home-sales data as well as the end of the Federal Reserve's policy meeting. Jobless claims, durable-goods orders and new-home sales are due Thursday, and the first take on fourth-quarter growth in gross domestic product will be released Friday.
At 7:45 AM (AEST), the 10-year Treasury note yield was 2.07% and the 5-year yield was 0.91%.
EUROPEAN STOCKS:
European stock markets reached a five-month high Monday, as investors remained optimistic that Greece and its creditors will agree on a deal to write down debt by up to 70%.
The pan-European Stoxx 600 index closed 0.5% higher at 257.01.
Talks to cut Greece's debt by as much as EUR100 billion had stalled over the weekend. An agreement is crucial for Greece to avoid a default when EUR14.4 billion comes due March 20. Euro-zone finance ministers met in Brussels Monday to discuss the Greek situation, budget rules and other plans to tackle the debt crisis. Meanwhile, bank shares across Europe surged on Financial Times reports that German Finance Minister Wolfgang Schaeuble and French counterpart Francois Baroin would urge a relaxation of global bank-capital rules to prevent a lending slowdown. Schaeuble later issued a denial.
The French CAC 40 index was up 0.5% at 3,338.42. Tthe DAX 30 index lifted 0.5% to 6,436.62. The U.K. FTSE 100 rose 0.9% to 5,782.56.
COMMODITIES:
Crude-oil futures gained Monday as the European Union imposed an import ban on Iranian oil, leading to concerns about supplies. Iranian authorities have threatened to close the Strait of Hormuz, a key shipping lane for the oil trade,
and disrupt oil supplies in retaliation against the ban. Light, sweet crude for March delivery on the New York Mercantile Exchange settled 1.3% higher at $99.58 a barrel.
Gold and silver futures both settled at six-week highs as a weaker dollar boosted demand for alternative investments amid a murky economic outlook. Gold for February delivery, the most active contract, rallied $14.30, or 0.9%, to settle at $1,678.30 a troy ounce . The most actively traded silver contract, for March delivery, settled up 59.5 cents, or 1.9%, at $32.270 a troy ounce .
Copper closed the London Metal Exchange's afternoon kerb trading 1.8% higher Monday, having held in positive territory throughout the session on a stronger euro and hopes of an improving demand picture. LME three-month copper ended the PM kerb at $8,364 a metric ton, well up on Friday's close of $8,219/ton. Data showing record-high copper imports into China, the world's largest consumer of the metal, also helped to shore up sentiment for the industrial commodities. "
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