Dow ends day slightly down
by Francesca Levy and Chip Cutter
The Associated Press
October 12, 2011 12:27 AM | 172 views | 0 0 comments | 1 1 recommendations | email to a friend | print
NEW YORK — One of Wall Street’s quietest days in months ended mixed after investors spent the day waiting to see if Slovakia would block an expansion of Europe’s financial rescue program.

The Dow Jones industrial average ended down 17 points after moving between small gains and losses throughout the day. The index traded within a range of only 82 points, the narrowest since July 20. The relatively tepid trading came a day after the Dow surged 330 points, its largest increase since Aug. 11.

Greece has been on the brink of defaulting on its debt for months. If that happens, it would hurt European and U.S. banks by decimating the value of Greek government bonds they own. Those banks would then be less likely to lend to each other and to businesses. That could plug up an already weak global economy, with implications for everything from bank stocks to international trade.

The Dow lost 16.88 points, or 0.1 percent, to close at 11,416.3. The Standard & Poor’s 500 index rose 0.65 point, or 0.1 percent, to 1,195.54 The Nasdaq composite rose 16.98, or 0.7 percent, to 2,583.03.

Aluminum maker Alcoa Inc. plunged 5.6 percent in after-hours trading after reported that its earnings slumped from the previous quarter, suggesting demand from Europe has slowed.

Markets have been swinging wildly since early August, when Europe’s economy suddenly seemed closer to the brink of collapse.
Comments
(0)
Comments-icon Post a Comment
No Comments Yet
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, spam, and links to outside websites will also be rejected. Please read our terms of service for full guides