S&P 500

BENCHMARKS

Minutes from the latest Federal Reserve meeting suggesting its quantitative easing programme could end sooner than expected have hit equity markets overnight.

Progress in the fiscal cliff talks being held in Washington has given Wall Street a lift as the threat of a possible recession is averted.

European stocks slumped in afternoon trading ahead of a meeting of eurozone finance ministers to agree on the next tranche of aid for Greece.

US indices slumped overnight as prospect of politicians at loggerheads over the fiscal cliff continued to worry investors.

US stock markets saw a third consecutive day of losses following Barack Obama's victory in the presidential election this week.

The Dow shed more than 300 points in yesterday's session as investors questioned re-elected President Barack Obama's commitment to dealing with the US fiscal cliff.

The inability of US funds to outperform the S&P 500 has been a long-standing concern for fund selectors, but performance figures for the term of Barack Obama's presidency paint a particularly bleak picture.

CONTRARIAN

The US added 171,000 jobs in October, a higher-than-expected figure that suggests the country's economic recovery remains on track.