S&P 500

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.

Wall Street bounced back shortly after open today following a two day lock-down forced by extreme weather conditions in New York City.

Equity trading was suspended in the US today as Hurricane Sandy approached New York City with 70-mile an hour winds and a threat of an 11 foot sea surge.

Investors across Europe and the US are in flight-mode this afternoon, with US markets opening sharply lower as the weak corporate earnings season continues to plague sentiment.