Dow down despite Greek election news
Trader Robert Vella works on the floor of the New York Stock Exchange last week. (June 11, 2012) Credit: AP
Crisis-weary investors scoffed Monday at what had appeared to be a hopeful turn in the European debt crisis: a victory for pro-Europe parties in a Greek election. U.S. stocks were little changed, and borrowing costs for Spain surged to alarming levels.
Investors appeared fed up with policy makers' inability to resolve a crisis that has bedeviled markets for more than three years. Leaders of the most developed countries are meeting in Mexico to discuss the crisis and the slowing global economy.
U.S. indexes opened lower then drifted between modest gains and losses. Home builders rallied after a measure of confidence among U.S. builders rose to a five-year high.
Spanish borrowing rates spiked yetserday above levels that forced other countries to take bailouts, a sign that bond investors fear Spain will default on its debts.
The Dow Jones industrial average closed down 25.35 points to 12,741.82. The Nasdaq composite index rose 0.78 percent to close at 2,895.33. It was lifted by Apple, its biggest component, which rose $11.65, or 2.03 percent, to $585.78.
The Standard & Poor's 500 index rose 0.14 percent, to close at 1,344.78. -- AP
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
