Dayhoff Westminster Soundtrack: Reuters: Monday, November 7, 2011

Wednesday, November 09, 2011

Reuters: Monday, November 7, 2011 - Wall Street edges up, swayed by Europe

http://www.reuters.com/article/2011/11/07/us-markets-stocks-idUSTRE7A61KA20111107?feedType=nl&feedName=ustopnewsearly

NEW YORK | Mon Nov 7, 2011 5:50pm EST

(Reuters) - Stocks closed a volatile, lightly traded session slightly higher on Monday, with sentiment continuing to shift with the latest headline from Europe.

Wall Street spent most of the session lower before rebounding after Juergen Stark, a member of the European Central Bank's Executive Board, said the region's debt crisis might be overcome in "one or two years at the latest."

In a signal that investors remain cautious, the strongest performers were healthcare and telecommunications stocks, both considered defensive sectors. The S&P Health Care sector rose 1.2 percent, with Pfizer Inc gaining 2.1 percent to $20.07.

Volatility in the stock market has become more closely correlated with shifts in European bond markets, another sign of Europe's influence on U.S. equities.

"Given the overhang that Europe has been having on equities, stocks are going to be subject to intraday moves based on innuendo or conjecture as much as fact," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

"Any news that's viewed positively is going to move the market, but I don't trust the move. We could just as easily fall back down." ... http://www.reuters.com/article/2011/11/07/us-markets-stocks-idUSTRE7A61KA20111107?feedType=nl&feedName=ustopnewsearly

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