US stocks closed weaker yesterday after an influential bank analyst recommended selling <strong>Wells Fargo</strong>, while the euro broke above $1.50 for the first time in 14 months on expectations US interest rates will stay low.<br /><br />The Dow Jones industrial average closed 0.92 per cent lower at 9,948.83, after <strong>Rochdale Research</strong> analyst Richard Bove cut his rating on Wells Fargo’s stock , saying loan losses were mounting. The <strong>KBW</strong> bank index dropped 2.4 per cent. Shares of Wells Fargo slid 5.1 per cent to $28.90.<br /><br />“It just shows you how susceptible we are to bad news right now,” said Stephen Massocca, managing director at <strong>Wedbush Morgan</strong>. “We’ve got such an extended stock market that a feather of news is enough to cascade it down 100 points.”<br /><br />The San Francisco-based bank had reported a 60 per cent jump in third quarter profits earlier in the day. A wider-than-expected loss from<strong> Boeing</strong> also disappointed investors.<br /><br /><strong>Morgan Stanley</strong> also reported better-than expected quarterly profit earlier in the day, citing strong fixed income sales and trading revenue and improved investment banking underwriting results, sending its shares up 6.9 per cent.<br /><br />MSCI's world stock index fell 0.24 per cent, in tandem with the US market.<br /><br />The FTSEurofirst 300 index of top European shares rose 0.45 per cent, recouping almost all Tuesday’s losses and taking it near its highest close since 3 October, 2008.<br /><br />Oil prices rose more than 3 per cent, above $81 a barrel, the highest in a year after US government data showed gasoline stockpiles fell a lot more than expected last week. This supported energy stocks and emerging economies, which are set to recover at a faster speed than some developed markets.<br /><br />China’s voracious appetite for commodities and continued growth has helped countries such as Brazil, where heavyweight companies such as energy company Petrobras and miner<strong> Vale</strong> are tied to the trade in raw materials.<br /><br />MSCI’s Latin American stock index rose 0.89 percent, easing from a 2.5 per cent gain earlier in the day.<br /><br />US Treasury debt prices fell, with the benchmark 10-year US Treasury note down 12/32 to yield 3.38 per cent.<br /><br />Treasuries also tracked European bond markets lower after comments from the Bank of England triggered a fresh round of anxiety about the eventual withdrawal of monetary stimulus and even interest-rate hikes<br /><br />The dollar fell 0.75 per cent against a basket of other major currencies.