European markets

The technology and consumer-discretionary sectors led stocks lower Monday as weak economic data spurred worries of a softening economy and Europe's debt crisis kept investor sentiment in check. The Dow Jones Industrial Average closed down 47.38 points, or 0.38%, at 12548.37, and the Standard & Poor's 500-stock index fell 8.30, or 0.62%, to 1329.47, with both measures adding to two weeks' consecutive losses. The technology-oriented Nasdaq Composite shed 46.16 points, or 1.63%, to 2782.31. Volume was relatively light, with 3.5 billion shares changing hands in NYSE composite volume.

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Euro-zone debt also stayed front of mind after the arrest of International Monetary Fund Managing Director Dominique Strauss-Kahn on sexual-assault charges, seen as weakening the IMF's ability to resolve the euro-zone debt crisis. The euro rallied midsession and stocks rose briefly as some of the debt worries dissipated, but not enough to trigger a rally in U.S. markets. Regulatory hurdles prompted Nasdaq OMX Group and IntercontinentalExchange to withdraw their bid for NYSE Euronext. NYSE Euronext tumbled 5.16, or 13%, to 35.73, while Nasdaq's shares lost 68 cents, or 2.5%, to 26.23. Microsoft led the blue-chip Dow index lower as it shed 46 cents, or 1.8%, to 24.57, while Cisco Systems also fell 28 cents, or 1.7%, to 16.60. Yahoo fell 74 cents, or 4.5%, to 15.81, despite a joint statement with Chinese search firm Alibaba that the companies were taking steps to resolve a dispute over one of Alibaba's most important websites, called Alipay.

European stocks recovered from early losses to close only marginally lower, as concerns subsided about how the arrest of the head of the International Monetary Fund will affect efforts to aid fiscally troubled euro-zone countries. Stocks took a beating early in the day as a two-day meeting of European finance ministers got under way in Brussels Monday. Dominique Strauss-Kahn, the IMF's chief, was absent after being arrested on sexual-assault charges in New York over the weekend. The market rebounded as market participants came around to the idea that Strauss-Kahn's arrest was unlikely to derail the outcome of the Brussels talks, during which finance ministers were expected to finalize the terms of a bailout for Portugal, as well as discuss the situation in Greece. A late-session rally in the resources sector also lent support. The Stoxx Europe 600 index closed down 0.1% at 280.13. France's CAC-40 index ended down 0.7% at 3989.82 and Germany's DAX fell 0.2% to 7387.54. The U.K.'s FTSE 100 index erased earlier losses to end flat at 5923.69, thanks to gains in the mining sector. Bank shares, which had been hit hard for most of the session, managed to come off their lows as the close approached. Credit Agricole slipped 1.3% and BNP Paribas lost 1% amid concern over their exposure to Greek debt. In Germany, Commerzbank fell 3.5% and Deutsche Bank ended down 0.8%. Shares of Deutsche Boerse surged nearly 4% after Nasdaq OMX Group and IntercontinentalExchange withdrew their joint bid for NYSE Euronext, citing regulatory issues. Also in exchange news, shares of London Stock Exchange Group rallied almost 7% after Canadian exchange operator TMX Group received a rival bid from a consortium of Canadian banks and pension funds. In a statement over the weekend, the LSE said it is committed to a deal with TMX on the terms it had agreed to previously. Mining stocks rose in London. Antofagasta was up 3.8%, Kazakhmys gained 2.4% and Fresnillo rose up 2%. Earlier in the day, Kazakhmys said it would seek a secondary listing of ordinary shares in Hong Kong.

Asian markets

Most Asian stocks fell Monday as concerns mounted over European debt troubles and global economic growth, with resource producers hurt as prices of several commodities declined. Sentiment in regional markets was dimmed by Wall Street's drop on Friday amid heightened worries over Greece's debt crisis. The arrest over the weekend of IMF Managing Director Dominique Strauss-Kahn in New York for the alleged sexual assault of a hotel maid added to the uncertainty. Japan's Nikkei Stock Average fell 0.9% to 9558.30, Hong Kong's Hang Seng index shed 1.4% to 22960.63, China's Shanghai Composite declined 0.8% to 2,849.07, South Korea's Kospi lost 0.8% to 2104.18 and Taiwan's main index gave up 1.1% to 8911.71. In Tokyo, the market continued to struggle in the aftermath of the Fukushima Daiichi nuclear-energy crisis. Data showing stronger than expected machinery orders for March failed to buoy sentiment given worries about the outlook following the devastating natural disasters in March. Utility plays fell on concerns about compensation payments in the wake of Tokyo Electric Power's acknowledgement Sunday that a partial meltdown occurred at the No. 1 reactor at its Fukushima plant sooner than previously suspected. Tepco fell 7.3%, Chubu Electric Power gave up 4.5% and Tohoku Electric Power slid 5.4%. Several energy and base metals stocks lost ground on weakened commodity prices, further weighed by a U.S. dollar that was firm for much of the Asian trading session. Inpex lost 3.1% in Tokyo and Aluminum Corp. of China and PetroChina skidded 4.1% and 2.1% in Hong Kong, and 1.1% and 0.7% in Shanghai, respectively.

Base metals

Base metals on the London Metal Exchange closed mostly lower but largely within their recent ranges Monday, caught between damaged risk sentiment and a supportive weaker dollar. LME three month copper, which had declined in early trade but pared its losses as the euro rose against the dollar on some weak U.S. economic data, closed the open outcry session at $8,838.50 a metric ton, up $51.50 on Friday's PM kerb close. LME tin posted the largest decline for the session, closing down 1.6% at $28,000/ton. Gasoline futures plunged below $3 a gallon Monday, dragging down oil prices, as worries about refinery disruptions eased after authorities sought to divert flooding along the Mississippi River. June reformulated gasoline blendstock, or RBOB, plunged 14.33 cents, or 4.7%, to settle at $2.9311 a gallon, the lowest settlement since March 16. Crude-oil futures fell sharply on the back of gasoline's slump. Light, sweet crude for June delivery settled down $2.28, or 2.3%, at $97.37 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled down $1.10, or 1%, to $112.73 a barrel. Gold and silver futures settled lower, failing to hold on to earlier gains amid lackluster trading volumes. The most actively traded gold contract, for June delivery, settled down $3, or 0.2%, at $1,490.60 a troy ounce on the Comex division of the New York Mercantile Exchange. The thinly traded May delivery gold ended down $3, or 0.2%, at $1,490.40 a troy ounce. Silver for July delivery, the most actively traded contract, settled down 88.1 cents, or 2.5%, at $34.132 a troy ounce. May-delivery silver was down 88.2 cents, or 2.5%, at $34.129 a troy ounce.

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