Investing.com - U.S. stocks closed mostly higher Monday, as a better than expected jump in pending home sales counteracted euro zone fears..
At the close of U.S. trade, the Dow eased lower by 0.01%, the S&P 500 advanced 0.14% and the Nasdaq Composite added 0.08%.
Stocks were pressured lower in the early session as euro zone finance ministers and central bankers met in Mexico and urged G-20 nations to find additional funds that the IMF could provide to the struggling region.
IMF Managing Director, Christine Lagarde stated at the meeting that she wants to increase the fund’s lending capacity by USD500 billion to protect the global economy from further shocks.
Pressuring shares lower, the G-20 leaders told the euro zone to provide more financial strength before they would consider providing support.
The primary onus fell on Germany, which is already the largest national contributor to the bailouts.
German Chancellor, Angela Merkel said there is no need to increase the lending capacity of the euro zone’s bailout fund, citing lowered borrowing costs as evidence.
In Greek news, Germany’s parliament is holding a vote on the second Greek bailout package in Berlin today.
The euro zone`s largest economy needs to decide if it will back plans at a March 1-2 European Union summit to combine rescue funds for the euro zone and create a EUR750 billion financial firewall.
This euro zone bearishness was counteracted by an official report indicating that the number of American’s signing contracts to purchase homes in January climbed more than forecasted.
Alpha Natural Resources gave back 3.6% after being cut to sell at CRT Capital.
Bank of America shares added 2% on a legal victory to move the mortgage bond settlement from Federal to State court.
Micron Technology rallied the most in the S&P 500 jumping 7.7% after its rival Elpida Memory was forced into bankruptcy.
Dendreon Corp plunged 21% as the prostate cancer drug maker reported weaker than expected sales.
Meanwhile, after the close of European trade, the EURO STOXX 50 gave back 0.42%, France's CAC 40 fell 0.74%, while Germany’s DAX dropped 0.22%. Meanwhile, in the U.K. the FTSE 100 slipped 0.33%.
At the close of U.S. trade, the Dow eased lower by 0.01%, the S&P 500 advanced 0.14% and the Nasdaq Composite added 0.08%.
Stocks were pressured lower in the early session as euro zone finance ministers and central bankers met in Mexico and urged G-20 nations to find additional funds that the IMF could provide to the struggling region.
IMF Managing Director, Christine Lagarde stated at the meeting that she wants to increase the fund’s lending capacity by USD500 billion to protect the global economy from further shocks.
Pressuring shares lower, the G-20 leaders told the euro zone to provide more financial strength before they would consider providing support.
The primary onus fell on Germany, which is already the largest national contributor to the bailouts.
German Chancellor, Angela Merkel said there is no need to increase the lending capacity of the euro zone’s bailout fund, citing lowered borrowing costs as evidence.
In Greek news, Germany’s parliament is holding a vote on the second Greek bailout package in Berlin today.
The euro zone`s largest economy needs to decide if it will back plans at a March 1-2 European Union summit to combine rescue funds for the euro zone and create a EUR750 billion financial firewall.
This euro zone bearishness was counteracted by an official report indicating that the number of American’s signing contracts to purchase homes in January climbed more than forecasted.
Alpha Natural Resources gave back 3.6% after being cut to sell at CRT Capital.
Bank of America shares added 2% on a legal victory to move the mortgage bond settlement from Federal to State court.
Micron Technology rallied the most in the S&P 500 jumping 7.7% after its rival Elpida Memory was forced into bankruptcy.
Dendreon Corp plunged 21% as the prostate cancer drug maker reported weaker than expected sales.
Meanwhile, after the close of European trade, the EURO STOXX 50 gave back 0.42%, France's CAC 40 fell 0.74%, while Germany’s DAX dropped 0.22%. Meanwhile, in the U.K. the FTSE 100 slipped 0.33%.