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US Indexes Sink as Investors Digest Fed Outlook; Italy Debt Sale, Europe Outlook Weighs

Stocks are lower in mid-day trading while Wall Street digests yesterday's decision by the Federal Reserve to hold rates unchanged while noting significant downside risk to the American economy. Investors kept a keen eye across the Atlantic as Italy's cost of debt rose sharply.

The Euro declined below a key $1.30 level as Italy sold 3 billion euros of five year bonds that saw yields rise to a euro-era high of 6.47%. Germany had sold 4.18 billion of two-year treasury notes at a yield of $0.29%. European stocks finished the day lower.

Commodities are down as February gold contracts are down $76.30 to $1,586.80 an ounce while January crude oil contracts are down $4.43 to $95.71 a barrel.

In energy ETFs, the United States Oil Fund ( USO ) is down 4.22% to $36.98 and the United States Natural Gas fund ( UNG ) is down 3.46%, to $6.97.

In precious metal ETFs, the SPDR Gold Trust ( GLD ) is down 2.75% to $154.09. Market Vectors Gold Miners ( GDX ) is down 2.35% to $52.77. iShares Silver Trust ( SLV ) is down 4.90% to $28.36.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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