Early Gains Evaporate For Wall Street

October 5th, 2011 by James

Early Gains Evaporate For Wall StreetStocks ended little changed recently as investors are waiting cautiously to see if the Federal Reserve would offer more economic stimulus and if Greece made progress in talks to avoid a default.

The market gave up earlier gains of about 1 percent as investors, in the lowest volume session since late August, as investors were wary of going home with long positions after overnight downgrade of Italy’s credit rating.

From Reuters.com:

Semiconductors were among the worst performers with the PHLX semiconductor index .SOX off 1.3 percent, dragging the Nasdaq down, after Xilinx (XLNX.O) cut its second-quarter outlook. Shares of the chipmaker fell 4.5 percent to $30.03.

Helping temper some European debt worries, Greece promised further cuts to its public sector before a second conference call with international lenders, whom Athens must persuade to extend more loans to avoid bankruptcy next month.

At the end of its two-day meeting on Wednesday, the Fed is expected to announce plans to intervene in the bond market to push long-term interest rates — already near historic lows — even lower in a move known as Operation Twist.

The Dow Jones industrial average .DJI gained 7.65 points, or 0.07 percent, to 11,408.66 at the close. The Standard & Poor’s 500 Index .SPX fell 2.00 points, or 0.17 percent, to 1,202.09. The Nasdaq Composite Index .IXIC lost 22.59 points, or 0.86 percent, to 2,590.24.

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