The escalating gas dispute between Russia and Ukraine has also added to market uncertainty. Russia has shut off all its gas supplies to Europe through Ukraine. About 80 percent of its deliveries to Europe go through Ukraine.
Equity investors have so far this year brushed off signs of a severe global economic slowdown, pinning their hopes on a second half recovery spurred by massive government spending and lower interest rates. The Dow Jones industrial average rose 0.7 percent Tuesday and is up 19 percent since Nov. 20. Japan's Nikkei index has also risen seven straight days.
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