Stock Futures Stalled With European Delay

Oct 26, 2011, 12:19 by R.E. Christian

U.S. markets slipped Tuesday as financial leaders in Europe canceled a key meeting before Wednesday's European summit.

An initial announcement that the European Union would settle on a major plan by Sunday for the eurozone and for European banks was pre-empted Saturday by news the announcement would wait until Wednesday. Now, a day before the new deadline, financial leaders said there was still work to be done, making it unlikely leaders would have much to announce on Wednesday's rain date.

In New York, the monthly S&P/Case-Shiller Home Price 10-city index showed an increase of 0.2 percent in from July to August. The 20-city index was split, with half of the cities showing gains in the month.

By close of trading, the Dow Jones industrial average lost 297.00 points or 1.74 percent to 11,706.62. The Standard & Poor's 500 index lost 25.14 points or 2 percent to 1,229.05. The Nasdaq composite index shed 61.02 points or 2.26 percent to 2,638.42.

On the New York Stock Exchange, 547 stocks advanced and 2,511 declined on a volume of 4.3 billion shares traded.

The benchmark 10-year treasury note rose 1 4/32 to yield 2.111 percent.

The euro fell to $1.3909 from Monday's $1.3929. Against the yen, the dollar fell to 75.94 yen from Monday's 76.1 yen.

In Tokyo, the Nikkei 225 index lost 0.92 percent, 81.67, to 8,762.31.

In London, the FTSE 100 index lost 0.41 percent, 22.52, to 5,525.54.

Source: UPI