Greek Prime Minister George Papandreou said that Athens was
not asking Europe to rush to the "aid of a reckless country" by
helping Greece deal with its budget problems. And he warned the
crisis could cause a domino effect, driving up borrowing costs
for other countries with large deficits. [ID:nWEN1396]
U.S. stocks closed little changed after last week's rally,
though technology shares pushed the Nasdaq higher.
The Nasdaq racked up an 18-month closing high, led by gains
in BlackBerry maker Research in Motion <RIM.TO> <RIMM.O> and
Cisco Systems <CSCO.O>.
The broad S&P 500 finished just below the break-even mark,
halting a six-day run-up.
The Dow Jones industrial average <.DJI> slipped 0.13
percent to end unofficially at 10,552.52. The Standard & Poor's
500 Index <.SPX> was off just 0.02 percent, to finish
unofficially at 1,138.50. The Nasdaq Composite Index <.IXIC>
added 0.25 percent, to close unofficially at 2,332.21.
Hopes stirred by AIG's <AIG.N> sale of a unit and
McDonald's <MCD.N> upbeat sales were offset by falling
health-care shares after President Barack Obama's criticism.
European shares closed slightly lower as pharmaceutical
stocks were hit, offsetting gains in oil majors on strong crude
prices during the European session.
The FTSEurofirst 300 <.FTEU3> index of top European shares
closed 0.1 percent lower at 1,053.15 points. The index hit a
six-week high on Friday and is up 63 percent since hitting a
record low last March.
World stocks, however, were at their highest in six weeks
on Monday on improved confidence in the U.S. economy.
MSCI's all-country world stock index <.MIWD00000PUS> rose
0.43 percent supported by global recovery optimism.
The euro <EUR=> rose 0.05 percent at $1.3628. The dollar
index <.DXY>, a non-traded calculation of the dollar's
performance against a basket of currencies, was flat at
80.446.
Against the yen, the euro was also little changed at 123.00
yen <EURJPY=>, after having hit a two-week high earlier on
Monday.
Papandreou on Monday also urged the Group of 20 leading
developed and emerging economies to take the lead in efforts to
rein in market speculators, warning that failing to do so could
trigger another global financial crisis.[ID:nWEQ003830]
German Chancellor Angela Merkel also commented on Greece's
indebtedness and backed the idea of a European Monetary Fund
and left open the possibility of helping Greece in the future,
while emphasizing it was not in an emergency now.
[ID:nLDE62720V]
On Sunday France's Sarkozy promised that euro zone
countries would help Greece if its financial problems worsened
and vowed a crackdown on market speculators. [ID:nPAB008209]
Crude oil <CLc1> prices ended higher in light volume to
settle up 0.45 percent at $81.87 a barrel while copper <HGH0>
reverted course to trade 0.4 percent lower at $338.75 due to
lack of liquidity and with fund money exaggerating price
moves.
In the U.S. government debt market benchmark 10-year notes
<US10YT=RR> ended 8/32 lower in price to yield 3.71 percent, up
from a close of 3.69 on Friday.
(Additional reporting by Gertrude Chavez-Dreyfuss; Editing by
Leslie Adler)