U.S. Stocks Trim Gains; Officials Plan Greek Review
U.S. stocks trimmed gains following a report that international officials plan to return to Athens in early October to complete a review of the Greek economy, damping speculation they were nearing approval of more aid.
Commodity and industrial shares fell the most among groups in the Standard & Poor’s 500 Index, to pace declines among companies most-dependent on economic growth. Alcoa Inc. and Caterpillar Inc. dropped more than 1 percent. Apple Inc. (AAPL), the world’s most valuable technology company, jumped 0.5 percent, rising for a seventh straight day to a record.
The S&P 500 rose 0.2 percent to 1,206.80 at 3:36 p.m. in New York after climbing as much as 1.4 percent earlier. The Dow Jones Industrial Average added 60.21 points, or 0.5 percent, to 11,461.22 today.
“There’s fear of a spiral downward to a really bad situation in Europe,‘‘Malcolm Polley, who oversees $1 billion as chief investment officer at Stewart Capital in Indiana, Pennsylvania, said in a telephone interview. ‘‘Obviously, there will be concern the economy is weakening, that fiscal problems are creating issues, that there will be less flexibility and it will be hard to find a solution.’’ For more visit: Bloomberg.com
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