Another rough session for global markets--from ABC News

Another rough session for global markets
By finance reporter Lexi Metherell

The Dow Jones finished a mere 6 points higher after a volatile trading session (Reuters: Chip East)

There has been no repeat of Friday's big falls on US and European stock markets but sentiment remains fragile.

Markets appear to be tracking the euro which hit a new four-year low against the US dollar overnight, but bounced later in the session.

In New York, the Dow Jones Industrial Average fell around 2 per cent in early trade as oil slid below $US70 a barrel and took energy stocks with it.

But there was a sharp turnaround led by the consumer and telecommunications sectors and the index has closed 6 points higher at 10,626.

The S and P 500 index has added 1 point to 1,137.

The Nasdaq Composite Index is up 7 points at 2,354.

Sentiment has not been helped by Jean-Claude Trichet - the head of the European Central Bank - who told German newspaper Der Spiegel the $1 trillion rescue package for debt-stricken eurozone nations has "bought time, nothing more".

In London, the FTSE 100 has closed a marginal 0.3 of a point lower at 5,263.

BHP Billiton PLC has fallen 1 per cent and Rio Tinto PLC has lost 3 per cent.

Asian share markets were hit hard yesterday and locally the major indices dived more than 3 per cent - their worst fall in percentage terms since May last year.

But some of that looks to be reversed today.

In futures trade the Share Price Index 200 is up 29 points at 4,524.

The Australian dollar has had a rocky night but at 7:15am (AEST) it was about steady on last night's close at 87.72 US cents.

It is up against the Japanese yen at 81.2 yen.

But it is down against the pound and the euro at 60.59 UK pence and 70.77 euro cents.

Spot gold was down at $US1,222.70 US an ounce.

West Texas Crude oil has fallen and is worth $US73.5 a barrel.