NEW YORK ( TheStreet) -- The U.S. blue-chip indices S&P 500 Index and Dow Jones each closed 0.1% lower, when juxtaposed with the significant positive performance of the emerging markets. Among emerging markets, the Shanghai Composite clocked highest gains, up 4.9%, as China's exports recorded higher-than-estimated growth of 38%. India's Nifty and Brazil's Bovespa followed, rising 5.2% and 4.2%, respectively.The major cause of the decline in U.S. exchanges was surging crude prices, as the political unrest flaring across the Middle East could be a major drag on economic recovery. Head of Investment Services at JPMorgan Asset Management believes that rising crude prices are unlikely to derail economic recovery in emerging markets. Further, the decline in EMs may not be as hard as that expected in developed markets for the simple reason that EMs have a greater capacity to absorb spiking crude prices as economic growth in these countries seems much faster than the developed nations.
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