Wall St edges up despite fear over Europe
THE Dow and Standard & Poor’s 500 rose slightly yesterday after a joint statement by France and Germany eased some jitters over resolving the Eurozone debt crisis.
Throughout much of the session stocks see-sawed between gains and losses as investors reacted to a flood of headlines about efforts to deal with debt-laden Eurozone states. France and Germany said leaders would discuss a global solution to the crisis on Sunday but no decisions would be adopted before a second meeting to be held by Wednesday at the latest.
“There is still a lot left that they need to decide on and sort out. We still don’t know how this is going to be structured and how much of this safety net will be replenished,” said Bryant Evans, portfolio manager at Cozad Asset Management in Illinois.
The Dow Jones industrial average gained 60.02 points, or 0.52 per cent, to 11,564.64. The S&P 500 Index rose 8.27 points, or 0.68 per cent, to 1,218.15. The Nasdaq Composite Index added 0.53 point, or 0.02 per cent, to 2,604.57.