US stocks sag as Bin Laden euphoria fades

Stocks on Wall Street finished marginally lower as fresh eurozone debt issues erased gains immediately following the death of terrorist leader Osama bin Laden.

Prices retreated mid-session after a European Central Bank official said a Greek debt restructuring was "not on the table" and that the bank maintained its position that Greece should stick to its reform agenda.

A volatile session in oil futures ended with prices dropping as traders weighed the impact of Bin Laden's death on the Middle East.

At the close (8am NZT), the Dow Jones Industrial Average was down 3.18 points at 12,807.36, ending a four-day winning streak. The S&P 500 index was down 0.2% to 1361.22, with weakness in energy stocks. The Nasdaq Composite was down 0.3% to 2864.08.

Other markets: Europe, Asia rise
European shares rose as investors reacted positively to news of Bin Laden's death.

The Europe Stoxx 600 index closed up 0.1% at 283.93, supported by the automotive, mining and chemicals sectors.

In Germany, the DAX 30 climbed 0.2% to 7527.64, led by gains for Commerzbank, up 3.2% after reporting a rise in earnings.

Stocks rose slightly in Paris, with the CAC-40 up less than 0.1% to 4108.77. UK markets were closed for a bank holiday.

Most major Asian markets advanced, with Japanese and Korean stocks rising sharply and pulling Australian shares off five-week lows.

The Nikkei Stock Average climbed 1.6% to 10,004.20, reclaiming the 10,000-point level for the first time since March 14, while Korea's Kospi added 1.7%.

Australia's S&P/ASX 200, which was down more than 1% at one point, erased those losses to finish little changed.

Markets in China, Hong Kong, Singapore, Malaysia, Taiwan, Thailand and Vietnam were shut for a public holiday.

Commodities: Oil down, gold up
Crude futures bounced between multi-year highs and recent lows as the death of the al Qaeda leader roiled markets and raised concerns about instability in the Middle East.

Light, sweet crude for June delivery traded between a 2½-year high of $US115 and $US110.82 a barrel in New York. The June contract finally settled down 41USc at $US113.52.

Gold futures reached a new intraday high of $US1576.60 an ounce as traders shifted their focus back to the weaker US dollar and concerns about ultra-loose monetary policy. Gold for May delivery settled 70USc higher at $US1556.70.

Silver tumbled as much as 12% as some investors cashed in gains in thin trade. But buyers re-emerged and it settled 5.2% lower at $US46.078 an ounce.

Currencies: US dollar renews slide
Early euphoria for the US dollar over the demise of Osama bin Laden faded, with traders sending it to a new 2½-year low.

The euro was at $US1.4873 from $US1.4810 late on Friday. The dollar bought ¥81.13 from ¥81.12, while the euro traded at ¥120.77 from ¥120.14.

The pound was one of the few currencies to fall against the dollar, trading at $US1.6686 from $US1.6703. The dollar traded at 0.8637 Swiss franc, near last week’s record low at 0.8625 franc, compared with 0.8651 franc on Friday.