Thursday, 20 October 2011

WSJ : US Stocks Pare Loss After Merkel-Sarkozy Statement

NEW YORK (Dow Jones)--U.S. stocks pared their early loss in whippy trading Thursday that was driven by European sovereign-debt worries, driving higher after the leaders of France and Germany said that a key bailout plan would be approved by next Wednesday at the latest.

The Dow Jones Industrial Average was up 19 points, or 0.2%, to 11524 at 1:20 p.m. EDT, while the Standard & Poor's 500-stock index added 4 points, or 0.4%, to 1214. The Nasdaq Composite fell 4 points, or 0.2%, to 2600.

After declining midsession following reports that Sunday's planned meeting of euro-zone officials could be postponed because of disagreements on how to deploy cash in the continent's bailout fund, stocks flitted into positive territory after French President Nicolas Sarkozy and German Chancellor Angela Merkel issued a joint statement calling for immediate talks with the private sector over Greek debt. They said that the continent's leaders would have a plan in place by Wednesday at latest

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