U.S. stocks start lower on concerns over euro zone rescue fund vote
October 18th, 2011
New York, NY, United States (AHN) – U.S. stocks started lower on Tuesday on concerns that a plan to expand the euro zone’s rescue fund may not be approved.
Shortly before noon, the Dow, down 31 points, showed some gains and was up from earlier lows. The NASDAQ was up about 12 points and the Standard and Poor’s 500 Index was off less than a point. Oil was trading off about half a dollar at $84.01 a barrel and gold was down slightly, trading at $1,669.10 an ounce.
Overseas markets were mostly lower. Investors were jittery ahead of a parliamentary vote in Slovakia on expanding the European Financial Stability Facility, the euro-zone rescue fund. It looked as if the ruling party did not have enough votes to approve the newest expansion. Only Slovakia, among the 17 eurozone nations, has yet to approve the expansion of the rescue fund.
In the United States, much attention is focused on Dow component Alcoa, which reports earning results after the close. Alcoa’s results unofficially kick off the third quarter earnings season. Shares of the world’s third largest producer of aluminum were up 2 percent at $10.21 ahead of the release.
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Categories: Financial Stocks
