Posted: Monday, September 19th 2011 at 4:09pm
Stocks pull back on hint of Greek debt resolution
By The Associated Press
NEW YORK - Stocks cut the day's steep losses by nearly half after Greece's finance minister said a conference call with debt inspectors was ``productive and substantive.'' That gave investors some hope that Europe can contain its debt woes.
Pessimism about European debt sent stocks sharply lower Monday, ending a five-day winning streak for financial markets. On Friday, European finance ministers said they would delay authorizing an installment of emergency funds for Greece.
At the closing bell, The Dow Jones industrial average is down 108 points, or 0.9 percent, at 11,401. The Standard & Poor's 500 index is down 12, or 1 percent, at 1,204. The Nasdaq composite is down 9, or 0.4 percent, at 2,612.
About six stocks fell for every one that rose. Trading was light, at 3.7 billion shares.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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