UPDATED 6:25 ET

>> STOCKS – European stocks rallied after the Federal Reserve’s decision to slow the pace of its bond purchases boosted investor confidence in the U.S. economic recovery. U.S. index futures slipped after equities jumped to a record in New York, while Asian shares pared gains.

>> BONDS – Treasuries snapped their biggest one-day decline in a month as the Federal Reserve’s pledge to keep interest rates low for longer underpinned demand for U.S. government securities.

>> COMMODITIES – Gold dropped below $1,200 an ounce to a five-month low as the Federal Reserve trimmed economic stimulus, reducing demand for haven assets.

>>CURRENCIES – The dollar climbed to the strongest level in almost two weeks against the euro before U.S. reports that economists said will show claims for jobless benefits declined and an index of leading indicators improved.

>>ECONOMIC DATA – US Unemployment Claims due at 8:30, US Existing Home Sales and Philly Fed Manufacturing Index at 10:00, Natural Gas Storage at 10:30, JPY Monetary Policy Statement tentative.