Stocks traded lower with no economic news and ahead of Fed Chairman testimony. Home Depot may sell supply division. Russia led the global sell-off with 2.5% loss followed by 2.4% drop in India. European stocks dropped on worries of higher inflation in the U.S. Vodafon agrees to buy fourth largest telecom company in India for $11 B. Hindalco of India to buy Novelis for $6 B and Four Seasons agrees to go private. U.S. Federal deficit declines 57% in the four months of current fiscal year.
U.S. crude oil for March delivery fell 82 cents in electronic trading. The contract was down 74 cents at $59.15 a barrel, while London Brent crude was off 67 cents at $58.34 a barrel in early trade in London.
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