Reuters: US Dollar Report: GLOBAL MARKETS-Oil falls on reserve talks, stocks follow

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GLOBAL MARKETS-Oil falls on reserve talks, stocks follow Mar 28th 2012, 16:32 Wed Mar 28, 2012 12:32pm EDT * S&P 500 fights to hold 1,400 level * U.S durable goods data miss forecasts * Yen stronger ahead of fiscal year end By Rodrigo Campos NEW YORK, March 28 (Reuters) - Oil prices fell on Wednesday as U.S. and some European governments mulled the release of strategic oil reserves, while commodity-related shares weighed on global equities. U.S. stocks fell in the wake of economic data that was slightly expectations, with energy stocks leading the market lower. France, the United States and Britain are in talks about the possible release of strategic oil stocks to push fuel prices lower, French ministers said, only weeks ahead of the country's presidential election. Further pressuring prices, U.S. crude oil inventories posted the largest weekly build since July 2010, according to data from the U.S. Energy Information Administration. Brent crude, still up more than 15 percent this quarter, fell 1.4 percent to below $124 per barrel, while U.S. crude futures lost 2.3 percent below $105. U.S. crude is up about 6 percent so far this year. The S&P 500 retreated from 4-year highs posted earlier this week and was struggling to holding on to the key 1,400 level. U.S. and European equity benchmarks still are on track to post their best first quarter in 14 years. "Investor anxiety has been rising due to the prolonged and significant rally, and we had a catalyst event in the collapse of energy stocks," said Jim Paulsen, chief investment officer at Wells Capital Management. "It's a combination of investor jitters given how far the rally has come and technical levels that we are testing, seeing if the rally can hold up." He said holding the 1,400 level on the S&P 500 was an indication the market's trend upward was still in place. The Dow Jones industrial average fell 83.36 points, or 0.63 percent, to 13,114.37. The Standard & Poor's 500 Index lost 10.99 points, or 0.78 percent, to 1,401.53. The Nasdaq Composite dropped 22.98 points, or 0.74 percent, to 3,097.37. MSCI's main global stock index fell 1 percent, retreating from an eight-month high hit Tuesday. The pan-European FTSEurofirst 300 index fell 1 percent with oil and bank shares among the biggest losers. The yen rose against the U.S. dollar, lifted by seasonal flows from Japanese exporters buying at the end of their financial year. Any gains could be temporary, though, as the Bank of Japan is determined to keep monetary policy ultra loose. New orders for long-lasting U.S. factory goods rose less than expected in February and a gauge of future business investment also fell short of forecasts, casting a shadow on the manufacturing sector's support of the recovery. Link this Share this Digg this Email Reprints

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