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European stocks finished modestly higher Wednesday, but post-earnings drops by Maersk and Tullow Oil and a decline in oil prices kept stronger gains in check. U.S. government data out Wednesday afternoon showed a surge in supplies, to 13.8 million barrels compared with expectations of a rise of 2.5 million barrels, but oil prices managed to shake off earlier declines of more than 1% as European equity trading closed.
The Dow industrials closed lower Wednesday as financial stocks continued their slide on the week, while the S&P 500 closed fractionally higher and the Nasdaq scored a new record.
Asian stocks were mildly higher Thursday as investors sought trading cues, even as Japan's Nikkei Stock Average was pressured lower by the yen's strength overnight. "We sort of need a trigger," said Christoffer Moltke-Leth, director of global sales trading at Saxo Capital Markets. "I think [the market] will be driven very much by individual company news....It will be a stock picker's market."
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