Europe's elections weigh on U.S. markets

Stock markets recovered following an early stumble caused by election results in France and Greece that appeared to jeopardize Europe's plans for fighting its debt crisis.

In the United States the Dow Jones industrial average fell as much as 68 points in early trading Monday but recouped most of its losses, ending the day down 29.74 points, at 13,008.53. The Standard & Poor's 500 index also started the day lower but ended up 0.48 point, at 1,369.58. The Nasdaq composite index rose 1.42 points to 2,957.76.

Greek voters over the weekend punished mainstream politicians who had backed cost-cutting plans demanded by the country's international lenders, leaving the country without clear leadership. In France President Nicolas Sarkozy was thrown out in favor of Socialist François Hollande, who pledged "to finish with austerity."

The election results in Europe showed voters were rejecting the extreme belt-tightening required by international bailouts. Investors are waiting to hear the newly elected leaders articulate their visions for how to deal with the eurozone's debt crisis, said Kim Caughey-Forrest, equity research analyst at investment firm Fox Pitt Capital Group. "There is no reason to cry until you get hurt," she said. -- AP