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By Varinder Bansal, Research Analyst at CNBC-TV18

The US equity market ended off day's high on Tuesday after news of Moodys downgrading Ireland to junk. Market shrugged news that Fed hasnt ruled out more stimulus.

Moodys downgraded Ireland to junk; joined Portugal and Greece.

The Dow Jones Industrial Average ended down 59 points at 12,446, after slipping 124 points from day's high of 12,570.

NASDAQ Composite was down 21 points at 2,781, after slipping 25 points from day's high of 2,807.

S&P 500 Index fell 6 points at 1,313, after declining 14 points from day's high of 1,327.

European markets recovered nearly 1.5% from day's low yesterday. France's CAC was down 0.88%, Germany's DAX down 0.79% and FTSE down 1%.

Other European Markets: Italy ended up 1.2% after opening down 4%. PSI General Index ended up 0.92% after opening down 3%.

CBOE VIX ended up 8% at 19.87.

Asian stocks gained before China growth report; Hang Seng was up 0.6%, Kospi up 0.5%, Nikkei up 0.3%, Straits Times up 0.2% and Taiwan up 0.1%.

Europe Update

Luxembourg FM said selective default on Greek debt is not an option envisioned by euro-region finance ministers

EU Economic and Monetary Affairs Commissioner said officials reached agreement that investors should play a role in a second bailout of Greece

EU President said he didnt rule out calling an emergency summit on Greece, although no decision has been taken

Global M&S

Italian banks rebound: UniCredit was up 5.9%, UBI Banca up 5.5% and Banca Popolare di Milano surged 7.87%.

Currencies

Dollar was down 17 basis points as against Euro at 1.397

Yen rose 1% versus USD at 79.38.

Commodities

Crude oil dropped from three-day high on rising US crude supplies; it was down 0.9% at USD 96.5 a barrel

Gold futures contract rose to a record settlement; it gained 0.3% at USD 1567/ounce

Natural gas was down 0.35%

Silver was up 1.7%

Sugar went up 5.5%

Data to watch

Weekly mortgage applications, Bernanke speaks, oil inventories, Earnings from Yum Brands