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Stocks Edge Up in Volatile Trade as Debt Worries Turn to Italy; Dow Breaks 12,000

This article was posted on Nov 8, 2011 and is filed under Market News

David K. Randall, AP Business Writer, On Monday November 7, 2011, 2:21 pm EST

NEW YORK (AP) — U.S. stock indexes wobbled between small gains and losses in afternoon trading Monday as investors worried that Europe’s debt crisis would spread to Italy.

Italy’s borrowing rates spiked Monday to the highest level since the country adopted the euro. Unlike Greece, Portugal or Ireland — all of which received financial lifelines — Italy has too much debt to be rescued by its European neighbors. Prime Minister Silvio Berlusconi has rejected suggestions that he resign to make way for more cost-cutting.

Concerns about Italy outweighed a deal Greece’s two main political parties reached over the weekend to share power in a new government. The move increases the likelihood that the country will move ahead with austerity measures it promised to implement as part of a financial rescue agreement with lenders. That relieved investors by reducing the chances of an imminent default by Greece, which would rattle financial markets and cause losses for major European banks.

Europe’s debt crisis continued to take investor’s attention away from relatively good news about the economy and U.S. companies. “Every day it seems like it’s the butting of heads between whatever the latest rumor is out of Europe with good economic data and corporate earnings,” said Karyn Cavanaugh, a market strategist with ING Investment Management. “It’s overshadowing the fact that earnings are on track to be the best year ever.” For more visit: Yahoo Finance

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