The stock market bounced to its highest close since last spring Wednesday after the Federal Reserve said it expected to keep interest rates near zero for almost three more years.

Bond yields dropped sharply, then climbed back later in the day when investors began looking more closely into the Fed’s deliberations. The yield on the five-year Treasury note touched an all-time low.

The big moves in both markets came at 12:30 p.m. EST, when the Fed’s monetary policy committee said it was unlikely to raise interest rates before late 2014. It had previously said it expected to keep rates low into the middle of 2013.

“Unless there is a substantial strengthening of the economy in the near term, it’s a pretty good guess we will be keeping rates low for some time,” Chairman Ben Bernanke told reporters.

The Fed cut rates to near zero in December 2008, during the financial crisis, and has held them there ever since. The announcement was a sign that the Fed expects the economy, which is improving, to need significant help for three more years.

The Dow Jones industrial average was down as much as 95 points in the morning and about 60 points before the Fed announcement. It shot to a gain of 103 points during the afternoon.

The Dow closed up 81.21 points, or 0.6 percent, at 12,756.96. That’s the highest close since May 10. The Dow peaked for last year in April at 12,810. Before that, it had not been so high since May 2008.

In the bond market, the yield on the 10-year Treasury note was at 2.05 percent an hour before the announcement and quickly fell to 1.92, a significant move. It rose to 1.99 percent two hours later.

The bounce-back happened at about 2 p.m., when the Fed released details of how the committee voted. Six of its 17 members had favored an interest rate increase this year or next — well before late 2014 in either case.

The yield on the five-year Treasury note hit 0.76 percent, an all-time low. Bond yields fall when their prices rise.

The Fed’s extension of low rates signaled that it expects inflation to stay low. Low inflation makes Treasurys more attractive by helping to maintain the value of bond owners’ fixed returns. Rising prices would eat into those returns.

The announcement guaranteed that short-term loans will remain cheap, making it easier for investors to finance longer-term purchases, such as 10- and 30-year Treasurys, said John Canally, investment strategist and economist for LPL Financial.

Monetary decisions by the Fed can change the market’s momentum in the short term but rarely have a longer-term impact, Canally warned.

The market changed directions after 22 of the past 24 Fed policy announcements, he said, yet the change evaporates quickly. The market essentially has an equal chance of rising or falling in the five days after Fed meetings, he said.

“It’s a coin flip, really,” Canally said.

Keeping rates ultra-low for a longer period increases the likelihood that the Fed will engage in more bond-buying programs to help the economy, a policy known as quantitative easing, said Anthony Chan, chief economist with JPMorgan Private Wealth Management. Those tend to boost bond prices by increasing the overall demand in the market.

Chan called the Fed’s move insurance against the European debt crisis and a recession across the Atlantic Ocean. Stock buyers, he said, were happy about the prospect of low inflation and a Fed leaning toward promoting economic growth.

The promise of lower rates pushed the dollar lower against other major currencies. Low interest rates make the dollar less attractive because they reduce the returns traders get on U.S. debt and other bonds priced in dollars.

Markets had opened mostly lower on fears about Greece’s slow progress in talks with bondholders aimed at reducing that nation’s crushing debt load.

Technology stocks rose all morning, bucking the wider market, after Apple reported its best quarter and blew away analyst estimates because of strong holiday sales of the iPhone and iPad.

Apple once again passed Exxon Mobil as the company with the biggest market value. Wall Street was watching the results closely because they were for the company’s first quarter since the death of founder Steve Jobs.

Apple stock jumped 6.3 percent, helping lift the Nasdaq composite index by 31.67 points, or 1.1 percent, to close at 2,818.31. The Nasdaq is up 8.2 percent this year, nearly twice the gain for the Dow Jones industrial average.

Netflix Inc., the DVD-by-mail and video streaming provider, jumped 13 percent in after-hours trading after reporting earnings that far exceeded Wall Street’s expectations.

The Standard & Poor’s 500 index rose 11.41 points, or 0.9 percent, to 1,326.06. The S&P is up 5.4 percent for the year and more than 14 percent from its Nov. 25 low.

As fears recede about Europe, big-time investors such as hedge funds will be drawn back into the market, fueling more gains, said Joe Bell, senior Equity Strategist at Schaeffer’s Investment Research.

After such a strong rally, there might be a slight decline, but “overall we’re bullish,” Bell said.

European markets mostly closed lower. Greece wants the investors, mostly banks and hedge funds, to voluntarily write off about half their debt. Otherwise, Greece will be unable to obtain bailout cash and won’t be able to pay its bills. That could set off a financial crisis similar to what happened when Lehman Brothers investment bank failed in 2008.

Adding to the gloom was a report that Britain’s economy shrank by 0.2 percent in the fourth quarter.

Among the other companies making big moves after announcing earnings:

• US Airways Group Inc. jumped 17.3 percent and Delta Air Lines Inc. rose 6.2 percent. Both airlines reported profits far better than Wall Street analysts expected. The airlines raised fares during the fourth quarter while keeping costs under control. Delta also cut the number of flights it makes to keep pace with demand.

• WellPoint Inc., the nation’s largest health insurance company based on enrollment, fell 4.8 percent. Its quarterly profit dropped 39 percent, far more than analysts had expected. Its full-year forecast also fell short of forecasts. Medical claims, its largest expense, rose nearly 10 percent in the quarter.

• Guidewire Software Inc. soared 37 percent on its first day of trading. The company, which makes software for the insurance industry, rose to $17.80 after selling initially at $13. The 11-year-old company raised $115 million in its debut — or about $27 million less than the profit Apple turned in an average day last quarter.

___

AP Business Writer Matt Craft contributed to this report from New York.

Follow Daniel Wagner at http://www.twitter.com/wagnerreports.

NEW YORK – A surprisingly strong report on the housing market and the prospect of more cash for the International Monetary Fund to fight off a financial crisis powered stocks Wednesday to their highest close since last summer.

The Standard & Poor’s 500 index closed above 1,300 for the first time since July 28, and the Dow Jones industrial average finished at its highest since July 25. That was just before the bitter fight in Washington over the federal debt limit.

It was also the first time since Jan. 3, the first trading day of the year, that the S&P 500 moved more than 1 percent. The market has made a quiet ascent since then. The S&P is up 4 percent for the year, the Dow 3 percent.

“We think things are setting up to be better than last year,” said Brad Sorensen, director of market research at Charles Schwab. “The worst-case scenario is off the table.”

The National Association of Home Builders index, a measure of sentiment among builders, rose to its highest level since June 2007 as sales jumped. Analysts said it could be a sign the housing market has bottomed out.

The index is rising because builders are seeing a rise in people shopping for a home, not because they are seeing more sales, at least not yet. Those in a position to buy are benefiting from lower prices and mortgage rates.

Stocks of home construction companies jumped. PulteGroup Inc. rose 6 percent, Toll Brothers Inc. rose 5 percent, and KB Home rose 8 percent.

In another encouraging sign, the Federal Reserve said manufacturing rose 0.9 percent from November to December, the biggest gain since December 2010.

Christine Lagarde, managing director of the IMF, said the fund wanted to raise $500 billion more to lend to countries. The IMF has put up roughly a third of the rescue loans to debt-hobbled European countries over the past two years.

Investors are eager for signs that the world can contain Europe’s debt problem. Besides an already likely recession in Europe, a messy default by Greece or another country could lead to a financial crisis around the globe.

In other trading, Goldman Sachs stock added almost 7 percent after its quarterly profit beat Wall Street expectations. Net income still fell 58 percent in the last three months of 2011, a result of choppy financial markets.

Some bank stocks followed Goldman higher. Morgan Stanley, another investment bank, rose 6.8 percent. Bank of America rose 4.9 percent, JPMorgan Chase 4.7 percent and Citigroup 2.9 percent.

Other financial stocks sank after disappointing earnings reports. State Street Corp. plunged 6.6 percent, the largest fall in the S&P 500. PNC Financial Services Group Inc. fell 2.6 percent, and Northern Trust Corp. slipped 2 percent.

The Dow finished up 96.88, or 0.8 percent, at 12,578.95. The S&P rose 14.37, or 1.1 percent, to 1,308.04. The Nasdaq composite index, which has outperformed the other two this year, rose 41.63 points, or 1.5 percent, to 2,769.71.

Among other stocks making large moves Wednesday:

• Yahoo climbed 3 percent on news that co-founder Jerry Yang is leaving the struggling Internet pioneer. The departure clears the way for newly hired CEO Scott Thompson to take more radical action to shake up the company.

• Amphenol Corp., which makes fiber-optic cables, soared 11 percent. Its earnings that beat analysts’ expectations, and the company said strong orders should push next year’s earnings above Wall Street forecasts.

• Linear Technology Corp., which makes circuits, jumped 11 percent, most in the S&P 500. It expects quarterly revenue to rise 4 to 8 percent following strong demand in December and January. It also raised its dividend by a penny to 25 cents a share.

• Cash America International Inc., a payday lender and operator of pawnshops, sank 6 percent after cutting its earnings forecast.

U.S. stocks rose solidly Tuesday after European markets rallied and corporate bellwether Alcoa predicted stronger demand in 2012. The Standard & Poor’s 500 index closed at its highest level since July.

European markets soared after Fitch Ratings said that it will not downgrade France’s credit rating this year. France’s CAC-40 index closed 2.7 percent higher; Germany’s DAX rose 2.4 percent.

A downgrade for France could scuttle the region’s efforts to stem its debt crisis. Europe’s bailout fund needs France and Germany to keep their sterling credit ratings so it can borrow at affordable rates.

Kicking off U.S. corporate earnings season, aluminum maker Alcoa said late Monday that its fourth-quarter revenue far outpaced analysts’ projections. CEO Klaus Kleinfeld predicted that global aluminum demand will increase 7 percent in 2012. Aluminum demand offers clues about for broader economic trends because so many industries rely on the metal.

Many analysts had feared weaker corporate profits in the fourth quarter because of Europe’s deepening economic troubles and slower growth in the developing world. The solid report from Alcoa seemed to quell those concerns and lifted traders’ hopes for strong corporate earnings reports in the coming weeks.

The S&P 500 index rose 11.38 points, or 0.9 percent, to 1,292.08. All 10 of its industry groups rose. Among the biggest gainers were materials companies such as Alcoa, which benefit from rising prices for metals, energy and other commodities.

Food commodities mostly edged lower, but orange juice futures shot up 11 percent. The Food and Drug Administration said it would increase testing for a fungicide that was found in low levels in orange juice.

Tiffany & Co. plunged 10 percent, the most in the S&P 500 index. The jewelry retailer cut its forecast for full-year profit and said sales grew slowly in the U.S. and Europe during the holiday season.

The Dow Jones industrial average rose 69.78 points, or 0.6 percent, to 12,462.47. The Nasdaq composite index gained 25.94, or 1 percent, to 2,702.50.

Hedge fund manager Peter Tchir said recent market swings exaggerate the importance of minor news such as Alcoa’s guidance and the Fitch announcement. The indexes are vulnerable to steep swings because relatively few shares are changing hands, he said.

Tchir is focused squarely on Europe’s fundamental problem, which remains unresolved: Sky-high borrowing costs for indebted nations such as Italy and Spain. A default by one of them could upend the global economy. Italy’s benchmark 10-year bond yield remains dangerously high at 7.10 percent.

Despite Europe’s troubles, the U.S. economy appears to have strengthened in recent weeks. A series of positive reports on hiring, manufacturing and consumer sentiment eased fears that Europe will drag the U.S. into another recession.

Traders hope the brighter economic outlook will mean U.S. corporate earnings results, which will be announced over the next few weeks. Improvements in the job market and more spending by consumers would increase companies’ sales. Household spending is the main engine of economic growth.

Corporate news in Europe reflected the region’s descent into near-inevitable recession. Dutch electronics giant Royal Philips Electronics NV kicked off the European earnings season by announcing that its fourth-quarter profits will be worse than expected as a result of Europe’s economic weakness.

Among the companies making big moves:

• Yoga apparel chain Lululemon Athletica Inc. surged 12 percent after the company raised its fiscal fourth-quarter earnings and revenue forecast, citing better-than-expected sales of its athletic wear.

• WebMD Health Corp. plunged 29 percent. The healthcare information website said it has given up looking for a buyer, its CEO has resigned, and it expects earnings to drop this year. WebMD provides health and benefits information to employees at 121 companies and health plans.

• Cirrus Logic Inc., which supplies audio chips to Apple and other electronics companies, jumped 16 percent. The company said it expects to report fourth-quarter revenue that is well above its previous forecast and analysts’ expectations.

___

Follow Daniel Wagner at http://www.twitter.com/wagnerreports.

Stocks closed higher Friday after a quiet, pre-holiday session that turned the S&P 500 index positive for the year.

Traders were relieved by news that Congress extended a payroll tax holiday for workers and emergency unemployment benefits. Both programs were set to expire at the end of the year. Letting that happen would have reduced economic growth by about 1 percent, analysts said.

The final business day before Christmas also was the slowest full day of trading so far this year. Traders exchanged just 2.22 billion shares, about half of the recent average. The market will be closed on Monday because Christmas falls on a Sunday this year.

Stocks have risen steadily since Tuesday on hopeful signs about the pace of economic growth in the fourth quarter, which ends next week. New claims for unemployment benefits fell last week to the lowest level since April 2008, long before anyone realized the nation was in a recession.

A series of mixed economic reports Friday did little to derail that optimism. The Standard & Poor’s 500 index added 11.33 points, or 0.9 percent, to 1,265.33. It started the year at 1,257.64.

Stocks might surge into the new year if the S&P 500 passes a couple of key technical thresholds, said Todd Salamone, research director at Schaeffer’s Investment Research.

Fund managers currently hold relatively few stocks, Salamone noted, and many of their funds have underperformed the market and are negative for the year. If the index rises farther above its break-even point for the year or its average over the past several months, fund managers might flood into the market in a last-ditch attempt to improve their annual returns, he said.

“The worst thing that can happen for a fund manager is to underperform and be in the red when your benchmark, the S&P index, is in the green” for the year, Salamone said.

The Dow Jones industrial average rose 124.35 points, or 1 percent, to 12,294. Bank of America Corp. was the Dow’s biggest gainer, adding 2.4 percent. All but two of the 30 Dow stocks rose, Alcoa Inc. and Boeing Co.

The Dow has risen 527.74 points, or 4.5 percent in the past four days. It was the first four-day winning streak for the Dow since mid-September.

The Nasdaq composite index gained 19.19 points, or 0.7 percent, to 2,618.64.

Earlier Friday, the government said that consumer spending and incomes barely grew in November. The weak gains suggest that consumers may have trouble sustaining their spending into 2012.

In another worrying sign, a measure of business investment decreased for the second straight month. Business investment has been a pocket of strong demand and spending amid a sluggish recovery. A tax break that encouraged companies to invest in new equipment and facilities expires at the end of the year.

Yet hopes for the economy remained high after this week’s encouraging news about the job market and strong holiday sales for retailers.

Among the companies making big moves:

• Rambus Inc. jumped 12.2 percent after the technology licensing company said it reached a patent license deal with Broadcom Corp. and settled a lawsuit with the chip maker.

• TripAdvisor Inc. rose 6.1 percent, the most in the S&P 500, as traders reassessed the value of the newly-spun off travel review website. The stock had fallen sharply since it officially started trading on Wednesday. It recovered some losses on Friday as analysts weighed its rapidly growing revenue and market share.

• Eastman Kodak Co. rose 9.5 percent after the struggling photography company said its general counsel, Laura Quatela, would become co-president on Jan. 1.

____

Follow Daniel Wagner at http://www.twitter.com/wagnerreports.

A deal to forge stronger ties between most of Europe’s economies sent stocks sharply higher Friday as hopes grew that the region is close to resolving its debt crisis. The Dow Jones industrial average rose 186 points.

The Dow and S&P 500 both had their second straight week of gains. Financial stocks rose the most over the week as worries eased about Europe. The yield on the 10-year Treasury note rose back above 2 percent as investors shed low-risk investments.

All 17 nations that use the euro agreed to sign a treaty that allows a central European authority closer oversight of their budgets. Nine other EU nations are considering it. Britain is the lone holdout.

The agreement came after marathon overnight talks among European leaders at a two-day summit in Brussels. A deal on tighter fiscal control is considered a crucial step before the European Central Bank will consider committing more money to lower borrowing costs of heavily indebted countries like Italy and Spain by buying their bonds.

Ryan Detrick, senior technical strategist with Schaffer’s Investment Research, cautioned that investors have been disappointed by Europe’s previous efforts to contain its debt crisis. The market will likely remain volatile in the coming weeks, Detrick said, because the Europe plan is “only a minor step” toward a solution.

“We’ve seen these agreements before, and they can just as easily deteriorate,” Detrick said.

The Dow closed up 186.56 points, or 1.6 percent, at 12,184.26. It’s up 1.4 percent for the week.

Bank stocks led the market higher, reflecting traders’ optimism about Europe’s progress toward solving its crisis. Citigroup Inc. rose 3.7 percent, Morgan Stanley 3.1 percent and JPMorgan Chase & Co. 3 percent.

Banks have been weighed down for months by fears about their exposure to Europe. The biggest European banks have been downgraded. If Europe’s crisis spins out of control, U.S. banks that do business with them would also suffer because of the closely intertwined relationships between global lenders and financial markets.

The Standard & Poor’s 500 index closed up 20.84 points, or 1.7 percent, at 1,255.19. The Nasdaq composite index finished up 50.47, or 1.9 percent, at 2,646.85. The S&P is up 0.9 percent for the week, the Nasdaq 0.8 percent.

The gains were broad. DuPont was the only stock among the 30 in the Dow average to fall. The chemical and materials company slid 3.2 percent after saying it expects earnings this year will fall well short of Wall Street’s forecasts because of weak demand for electronics and industrial supplies.

It was the second consecutive week of gains for all three indexes. Stocks were pummeled two weeks ago as borrowing costs soared for European nations such as Italy. They recovered last week after the world’s major central banks announced a program to give commercial banks easier, cheaper access to loans in U.S. dollars.

Both the Dow and the S&P have risen 14 percent since hitting yearly lows on Oct. 3. Only the Dow, however, is higher for the year. The Dow’s up 5.2 percent for 2011; the S&P and Nasdaq are each down 0.2 percent.

Trading volume was very light. Just 3.6 billion shares were traded on the New York Stock Exchange, well below the recent daily average of 4.7 billion.

The yield on the 10-year Treasury note rose to 2.07 percent from 1.97 percent late Thursday, signaling lower demand for ultra-safe investments. The rise followed news that a survey of U.S. consumer sentiment hit a six-month high this month, better than Wall Street expected. Stocks barely reacted.

“The U.S. is showing definite signs of improving on the economic front, yet we almost ignore it, and every day we seem to focus on European issues,” Detrick said.

Many think the only path out of the debt crisis is a more active role by the European Central Bank, which can buy up government debt to keep nations’ borrowing costs down. It currently buys bonds in the markets, but only reluctantly, and in small quantities.

Germany and France, the two biggest economies in the euro zone, had hoped to persuade all 27 members of the European Union to change an EU treaty and impose tight fiscal rules on its members. Britain refused to join in because it wanted to be exempt from proposed financial rules.

Among other companies making big moves:

• Pall Corp. surged 7.9 percent after the filtration equipment maker reported fiscal first-quarter earnings that far exceeded analysts’ expectations.

• The Cooper Cos. Inc. leaped 16.6 percent after the eye care company topped expectations with its fiscal fourth-quarter performance.

• GE rose 3.2 percent after the manufacturing giant said it will increase its quarterly dividend by 2 cents to 17 cent per share, GE’s fourth increase in two years.

___

Daniel Wagner can be reached at http://www.twitter.com/wagnerreports.

Optimism about a European debt-crisis summit this week rose and fell on Wednesday, but U.S. stock indexes barely budged. The Dow Jones industrial average closed 46 points higher, while other indicators were mixed.

Hopes have been building for the summit, which wraps up Friday. Traders hope it will generate a lasting solution to the two-year-old debt crisis.

On Wednesday, French and German leaders sought to downplay those expectations. Traders hope that European countries will link their budgets more closely and impose greater fiscal discipline on heavily indebted nations like Greece. Officials said Wednesday that a deal this week might include only some countries, and crafting a fuller plan might take until Christmas.

“The pattern has been, get your hopes up, then be disappointed by EU summits, and that pattern has been in place for a while,” said Steve Van Order, fixed income strategist at Calvert Investment Management.

The Dow rose 46.24 points, or 0.4 percent, to close at 12,196.37. Its biggest gains came from financial companies. JPMorgan Chase & Co. rose 2.3 percent, Bank of America Corp. rose 1.9 percent and insurance giant Travelers Cos. Inc. rose 1.8 percent. Machinery maker Caterpillar Inc. fell 1.1 percent, the most in the Dow 30.

The Standard & Poor’s 500 index rose 2.54 points, or 0.2 percent, at 1,261.01. The Nasdaq composite index lost 0.35, or 0.01 percent, to 2,649.21.

The yield on the 10-year Treasury note fell to 2.03 percent from 2.09 percent late Tuesday.

Traders have been growing restless with the delays in getting a resolution to Europe’s debt crisis. Rating agencies have warned of possible downgrades for nations using the euro if they do not quickly set a firm plan for solving the two-year-old ordeal.

In Europe, yields on Spanish and Italian government debt rose. That means investors are demanding higher returns because of fears that one of those nations might default. Borrowing costs for Spain and Italy had fallen sharply until Tuesday, having reached dangerously high levels a week earlier. European stocks were mostly lower. Germany’s DAX fell 0.6 percent, Britain’s FTSE 0.4 percent.

In corporate news:

• Struggling women’s clothing company Talbots Inc. jumped 70 percent after private-equity firm Sycamore Partners made a $205.2 million takeover offer.

• Men’s Wearhouse Inc. surged 20 percent after reporting third-quarter results that topped Wall Street’s expectations. The company also raised its full-year earnings forecast.

• SAIC Inc. rose 6.6 percent after the defense contractor reported results that beat Wall Street’s expectations.

• First Solar Inc. jumped 4 percent after the company reached a deal to sell a planned California energy farm to MidAmerican Energy Holdings Co.

___

Daniel Wagner can be reached at http://www.twitter.com/wagnerreports.

ROME (Reuters) – Italian Prime Minister Silvio Berlusconi has dismissed swirling rumors that he was on the point of resigning, a senior lawmaker in his ruling center-right coalition said on Monday.

"I spoke to the prime minister a short time ago and he told me the rumors of his resignation were baseless," Fabrizio Cicchitto, head of the parliamentary group of Berlusconi's PDL party said in a statement.

Separately, Italian news agency ANSA quoted Berlusconi, also dismissing the talk as baseless.

(Reporting By Giselda Vagnoni)

LONDON – Protesters who have camped outside St. Paul’s Cathedral in central London for six days have forced the venerable cathedral to close to visitors for the first time since World War II, church officials said Friday.

The Dean of St. Paul’s, Rev. Graeme Knowles, said the decision to shut the doors of the iconic London church to visitors and tourists following the afternoon service was made with “heavy hearts” because of health and safety concerns.

He urged the protesters — numbering roughly 500, according to organizers, allied with the “Occupy Wall Street” demonstrations — to leave now that they have made their point.

“I’m asking the protesters to recognize the huge issues we face, asking them to leave the vicinity of the building so it can open as soon as possible,” he told reporters.

Knowles said he recognizes the group’s right to protest but wants them to recognize that the church also has “a right to open for our visitors.”

The protesters, who have placed about 100 tents on church grounds, arrived last Saturday as part of a series of protests in many cities throughout the world in solidarity with the “Occupy Wall Street” activists in New York.

They have braved chilly weather with the help of donated food and blankets, said protester Ian Chamberlain, 27.

He said the group was in no hurry to leave despite the dean’s plea.

“It’s about deciding when it’s no longer effective to be here,” he said. “Many of us are determined to stay here as long as possible.”

Protester Diane Richards, 36, said the cathedral closure was unnecessary because the impromptu camp has been safe and well organized.

“I’m really disappointed, because there has been no violence here,” she said of the decision, which church officials had hinted at in recent days.

Knowles said health, safety and fire concerns — notably the presence of flammable liquids and stoves set up by protesters — were at the heart of the issue because the church has an obligation to keep visitors safe.

Earlier this week, the church said the “increased scale and nature” of the temporary camp could make it more difficult for the cathedral to stay open for worshippers and tourists.

The protesters have drawn a somewhat skeptical response from many Londoners who work in the nearby financial district known as the City.

“I have a sneaking suspicion they don’t know what their message is,” said lawyer Tom Day after reading some of the protesters’ messages posted at the tent city.

NEW YORK – Stocks are erasing their gains after rallying all day on hopes the Federal Reserve would take steps to stimulate the economy.

Many analysts believe the Fed will announce a new stimulus plan at the end of a two-day policy meeting Wednesday. But investors are selling stocks amid fear that European finance ministers may not be able to prevent a Greek default and signs that U.S. growth is slowing.

At the closing bell, the Dow Jones industrial average is eking out an 8 point, or 0.1 percent gain, at 11,409. The Standard & Poor’s 500 index is down 2, or 0.2 percent, at 1,203. The Nasdaq composite is down 23, or 0.9 percent, at 2,590.

Nearly two stocks fell for every one that rose. Trading was light, at 3.8 billion shares.