Stocks Finish Higher; Alcoa Posts Loss
Adding to the risk of a rocky trading week are bond auctions in Spain and Italy, two countries that economists worry could face the same fate as Greece. Spain aims to issue three- and five-year bonds Thursday, while Italy follows suit Friday in its own auction of bonds and floating-rate notes.
"We would like to be able to report that Euroland's sovereign debt, financial and economic crises have all disappeared," said Carl Weinberg, economist with High Frequency Economics. "The reality is that none of these crises has been resolved, and risk of an unhappy resolution remains high."
While the euro strengthened, European stocks closed in the red. Germany's DAX lost 0.67% while London's FTSE was down 0.66%. Japan's Nikkei Average settled 1.16% lower, and Hong Kong's Hang Seng was up 1.47%.
Of the 30 Dow components, seven traded lower with Microsoft (MSFT) and McDonald's (MCD) sinking to the bottom.
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