Dollar gains on discount rate

Asian stocks and U.S. equity futures fell, while the dollar rose as an increase in the Federal Reserve’s discount rate spurred concern the economic rebound will slow as stimulus programs are unwound. Futures trading after the close of exchanges in the U.S. signaled the S&P 500 may erase its 0.7 percent advance when markets re-open. The Fed raised the discount rate from 0.5 percent to 0.75 percent effective and said the move will encourage financial institutions to rely more on money markets, rather than the central bank, for short-term loans.