Markets in New Zealand closed lower due to volatility and the caution exercised by the investors. NZX-50 index closed down 4.796 points or 0.15% at 3191.007 points. From the 113 stocks listed on the exchange, 31 closed higher while 49 closed downwards.

Despite the fall, New Zealand market fared much better than Australian and Asian markets. Analysts also stressed that investors are not very enthusiastic and are reluctant to invest during these times.

Real estate and property Companies are awaiting if the coming tax changes will have an impact on them in the coming days. Shares of most of these Companies finished in the negative.

US markets also closed lower as tech giant Cisco’s and Kohl's Corp raised serious doubts about the economic recovery in the US.

As a result, The Dow Jones industrial average dropped 113.96 points, or 1.05%, to end the day at 10,782.95 points. The Standard & Poor's 500 Index also went down by 14.23 points or 1.21% to close at 1157.44 points. The Nasdaq Composite Index was also down by 30.66 points, or 1.26% to finish at 2394.36 points.

During the first three days of the week, The Standard & Poor's 500 Index gained 5.47% which is the highest gain in three days since July 2009.

British markets closed higher as FTSE 100 was up by 50.28 points, or 0.9% to close at 5433.73 points. Japan's Nikkei also gained 2.2%.