NEW YORK (
TheStreet) -- Stocks finished mixed after reports of the approval of Greece's austerity measures helped pare steep losses that were triggered by a
The Dow Jones Industrial Average finished down 60 points, or 0.5%, to 12,050. The S&P 500 ended lower by 4 points, or 0.3%, at 1284, and the Nasdaq reversed course to gain 18 points, or 0.7%, at 2687.
Greece's austerity plan has won support from European Union and International Monetary Fund officials, according to a Reuters report. A draft of how the debt-laden coutry will hike taxes and cut spending, however, still needs approval from Greek parliament.A frantic sell-off from the morning proved a strong drag on the market, leaving two out of three indexes in the red. The International Energy Agency said that the U.S. and other nations would release 60 million barrels of oil in the coming months to help offset oil supply disruptions in Libya. Energy stocks fell more than 2% as the August crude oil contract shed $4.25 to trade at $91.16 a barrel. "A move down in energy prices is what this economy needs," said Mike Feroli, an economist at JP Morgan Economics. Feroli added that the news from Greece was marginal and that a bigger test will be whether the austerity measures will indeed be passed and implemented. The stock market got off to a weak start after the Federal Reserve cut its projected gross domestic product growth forecast for 2011.