[R]10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – U.S. stocks closed lower after the White House proposed a budget with arising deficit. Financial stocks traded lower after a downgrade from UBS.[/R]

European Markets

In London FTSE 100 Index closed higher 3.00 or 0.05% to 6,026.20, in Paris CAC 40 Index decreased 4.42 or 0.09% to close at 4,973.64 and in Frankfurt DAX index higher 31.82 or 0.46% to close at 7,000.49. In Zurich trading SMI decreased 64.28 or 0.82% to close at 7,751.70.

North American Markets indexes

Dow Jones Industrial Average lost 108.03 or 0.85% to a close of 12,635.16, S&P 500 closed down 14.60 or 1.05% to 1,380.82, and Nasdaq Composite Index traded down 30.51 or 1.26% to a close of 2,382.85.

In Toronto TSX Composite closed down 60.21 or 0.45% to close at 13,258.16.

Of the 30 stocks in Dow Jones Industrial Average, 7 closed higher, 23 closed lower, and none were unchanged.

Merck led the gainers in the index with a rise of 3.2% followed by increases in Walt Disney of 0.8%, in Honeywell International of 0.45%, and in Boeing Company of 0.2%. General Motors led the decliners in the index with a fall of 4.9% followed by losses in JP Morgan of 4.2%, in American Express of 3.9%, and in Home Depot of 3.6%.

Of the stocks in S&P 500, 144 closed higher, 351 fell, and 5 were unchanged. One hundred and forty stocks rose more than 3% and seven stocks fell more than 3%.

Ambac Financial Group led the decliners in the index with a fall of 13.7% followed by losses in Washington Mutual of 12.2%, in CIT Group of 9.9%, and in Discover Financial of 9.02%. Cummins led the gainers in the index with a rise of 6.5%, followed by increases in Dynegy of 5.9%, in Nabors Industries of 5.7%, and in Noble Corp of 4.2%.


South American Markets Indexes

In Latin Markets Peru led the advancers in the region with a gain of 3.84% followed by increases in Argentina of 1.93%, in Colombia of 1.4%, and in Chile a decline of 0.2%.

Brazil and Mexico were closed for a holiday.

Asian Markets
In Tokyo Nikkei 225 Index closed higher 362.54 or 2.69% to 13,859.70, in Hong Kong Hang Seng index increased 908.50 or 3.77% closed to 25,032.08, in Australia ASX 200 index higher 24.50 or 0.42% to close 5,867.40.

In South Korea Kospi Index increased 55.60 or 3.40% to close at 1,690.13, in Thailand SET index closed higher 0.73 or 0.09% to 811.56, and Indonesia JSE Index edged increased 54.81 or 2.07% to 2,701.63. Sensex index in India increased 417.70 or 2.29% to 18,660.32.


Bond Yields increased on 10-year U.S. bonds to 3.64% and on 30-year bonds gained to 4.38%.

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

Crude oil lost $1.02 to close at $89.980 per barrel for a front month contract, natural gas decreased 13 cents to $7.87 per mBtu, and gasoline futures increased 2.41 cents to close at 230.75 cents per gallon.