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U.S. markets recover from steep losses
NEW YORK, Jan. 23 (UPI) -- U.S. market gains evaporated Monday with investors concerned about financial discussions in Europe.
Markets posted gains in Italy, Germany, France and Britain after Germany held a successful auction of short-term bonds. In Berlin, however, International Monetary Fund Director Christine Lagarde warned the $600 billion rescue fund for debt-burdened nations in Europe needed to be doubled. She warned that a rescue of Italy or Spain, should one become necessary, could lead to a major global depression.
By close of trading on Wall Street, the Dow Jones industrial average lost 11.66 points, 0.09 percent, to 12,708.82. The Standard & Poor's 500 index added 0.62 points, 0.05 percent, to 1,316.00. The Nasdaq composite index dropped 2.53 points, 0.09 percent, to 2,784.17.
On the New York Stock Exchange, 1,760 stocks advanced and 1,269 declined on a volume of 3.6 billion shares traded.
The benchmark 10-year treasury note fell 1/32 to yield 2.056 percent.
The euro rose to $1.301 from Friday's $1.2931. Against the yen, the dollar fell to 76.99 yen from Friday's 77.02 yen.
In Tokyo, the Nikkei 225 index fell 0.01 percent, 0.46, to 8,765.90.
In London, the FTSE 100 index gained 0.94 percent, 54.01, to 5,782.56.
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