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US stocks waver; euro dives on Greece turmoil
Posted: May 15, 2012 9:08 AM by Associated Press
U.S. stocks are modestly higher at midday as conflicting news about the economy and a Greek political stalemate bat the indexes between small gains and losses.
The euro and European stocks plunged as trading in New York began Tuesday after efforts to form a government in Greece collapsed. Newly-elected leaders there disagree about whether to accept more international bailouts and continue with painful spending cuts.
U.S. stocks enjoyed a small early bump after news that confidence among U.S. builders rose to a five-year high in May. Homebuilders rallied.
The Dow was up 27 points at 12,722 as of 11:40 a.m. EDT. JPMorgan Chase and Bank of America lifted the index, recovering from recent losses.
The S&P 500 was up three at 1,341. The Nasdaq was up 16 at 2,918.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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