[R]4:30PM New York, 10:30PM Frankfurt, 2:00AM Mumbai – U.S. stocks declined on record oil price and weak earnings from Citigroup. European markets fell. Several Asian markets surged to new records.[/R]

[R]Global Markets Indexes[/R]

Dow Jones Industrial Average closed down 113.32 or 0.80% to a close of 13,979.76, S&P 500 edged lower 0.84% or 13.17 to 1,548.63, and Nasdaq Composite Index traded down 25.63 or 0.91% to a close of 2,780.05. In Toronto TSX Composite fell 64.58 or 0.45% to close at 14,231.28.

Of the 30 stocks in Dow Jones Industrial Average 6 closed higher, 24 closed lower, and none were unchanged.

General Motors led the decliners with a fall of 4% followed by losses of 3.5% in Citigroup, 2.6% in American Express, and 2.1% in Caterpillar, and 2.08% in Boeing. Exxon Mobil led the gainers with a rise of 1.5% followed by increases in Intel of 0.82%, in du Pont of 0.49%, and in Altria of 0.4%.

Of the stocks in S&P 500 77 closed higher, 418 fell, and 5 closed unchanged.

Seven stocks rose 3% or more and 39 fell 3% or more. Tektronix led the gainers with a rise of 34% followed by increases in Biogen IDEC of 19%, Tellabs of 5.6%, and Genzyme of 4.3%. Danaher offered $2.8 billion to purchase Tektronix and Biogen is preparing to sell the company at a price, what investors hope to get, more than $85 per share.

Medtronic fell 11.3% and led the decliners in the index followed by losses in Centex of 5.6%, Big Lots of 5.4%, in Coach of 5.3%, and SLM Corp of 5.1%. Pulte Home, KB Home, and DR Horton dropped more than 3.5%.

European markets closed lower across the region led by weak insurance and financial stocks but energy related stocks rallied. Philips Electronics earnings weighed on tech stocks. In London FTSE 100 Index closed down 86.20 or 1.28% to 6,644.50, in Paris CAC 40 index fell 36.51 or 0.62% to close at 5,807.44, and in Frankfurt DAX index decreased 0.89% or 71.79 to close at 7,969.47. In Zurich trading SMI dropped 0.20% or 17.99 to close at 9,179.49.

In Asia several markets closed at new records led by banks, ship builders, and energy companies. In Tokyo Nikkei 225 index dropped 0.16% or 26.98 to close at 17,358.15, in Hong Kong Hang Seng index closed up 2.44% or 702.41 to 29,540.78, in Australia ASX 200 closed down 23.00 or 0.15% to close 6,739.00. Record closes in Indonesia, India, and Korea were recorded.

Sensex in India surged to a record high by 3.47% or 639.63 to 19,058.67. In South Korea Kospi Index added 8.95 or 0.44% to a record close of 2,035.39 and Indonesia closed up 46.73 to 1.80% to 2,638.21.

In Latin Markets Brazil led the gainers with a rise of 0.82% followed by increases of 0.68% in Argentina, 0.61% in Chile, and 0.14% in Peru. Venezuela led the decliners with a loss of 1.2% followed by a loss of 0.51% in Mexico. Markets in Colombia were closed.

Bond Yields edged a fraction on 10-year U.S. bonds to 4.67% and 30-year bond edged higher to close at 4.91%.

[R]Commodities, Metals, and Currencies[/R]

Crude oil rose $2.44 to close at $86.13 per barrel for a front month contract, up 39.0% for the year, natural gas increased 0.46 cents to $7.44 per mBtu, and gasoline futures increased 7.24 cents to close at 215.75 cents per gallon.

Gold gained $8.40 in New York trading to close at $762.20 per ounce, silver closed down 4.8 cent to $13.85 per ounce, and copper for front month delivery in London fell $16.00 to $8,095.00 per pound.

Dollar edged lower against euro to $1.4200 from $1.417 and higher to 117.18 yen from 117.50 yen.

[R]Earnings News[/R]

Citigroup (C: chart) reported third quarter earnings decline of 57%. The revenue in the quarter rose 5.8% to $22.7 billion, earnings fell 57% to $2.38 billion from $5.51 billion, and earnings per share dropped to 47 cents from $1.10 a year ago.

Eaton (ETN: chart) reported third quarter net income of $1.71 per share, 6% increase compared to $1.62 per share on revenue increase of 7% to $3.3 billion. Earnings increased 4% to $258 million from $248 million.

Royal Philips Electronics N.V. of the Netherlands reported third quarter earnings of 331 million euros compared to 4.2 billion euros a year ago. The company reported sales of 6.52 billion euros, 3% higher than a year ago. In the earlier year the earnings included one-time gain of 4.2 billion euros due to the sale of semiconductor division.