US stocks fell Wednesday amid fresh commodity fears, which overshadowed an optimistic report on the US economy from the Federal Reserve, DPA reported. Energy and metals manufacturers declined as the price of crude oil dropped 5.8 per cent to 63.35 dollars per barrel in New York trading. The price was led lower by a report of a surprising increase in US oil stockpiles. The US central bank said that economic activity is beginning to stabilize in most regions. Only its regional bank in Minneapolis, Minnesota, said its local economy was still contracting. President Barack Obama in a North Carolina speech said the US was witnessing the "beginning of the end" of its worst recession in decades. The blue-chip Dow Jones Industrial Average fell 26 points, or 0.29 per cent, to 9,070.72. The broader Standard & Poor's 500 Index was down 4.47 points, or 0.46 per cent, to 975.15. But the technology- heavy Nasdaq Composite Index dropped 7.75 points, or 0.39 per cent, to 1,967.76. The US currency rose against the euro to 71.18 euro cents from 70.59 euro cents on Tuesday. The dollar climbed against the Japanese currency to 95.06 yen from 94.65 yen.
