Currency and gold trading was again a dominant driver of global markets. Traders sent the dollar lower because of expectations the Federal Reserve would start buying government bonds to try to stimulate the sluggish economy. Buying bonds would drive down interest rates from already low levels. That makes gold and other currencies, where interest rates are higher, more attractive than the dollar.

Gold hit another record high, while the dollar fell to a 15-year low against the yen and touched its lowest level against the euro since January.

On Wall Street equity markets, shares hesitated after the government said first-time claims for unemployment benefits rose last week for the first time in three weeks. Claims remain stuck at levels that signal employers are not ramping up hiring. High unemployment remains an obstacle to a stronger economy and any Fed action would be partially aimed at reviving job growth.

Low inflation is also a concern for the Fed. At its meeting last month, the Fed hinted that future bond purchases would help get inflation back to more historically normal levels. The lower interest rates are also aimed at sparking new borrowing and spending by companies and consumers. More spending would drive prices for goods higher.