US stocks slip after early bounce caused by bin Laden's death
US stocks slipped as an early bounce on Osama bin Laden's death gave way to questions around the longevity of the market's recent rally.
The impact of bin Laden's death by US forces on financial markets prompted a quick flurry of buying, which was viewed as an emotional response. The Dow swung 92 points from its high of the day to its low.
The Dow Jones industrial average was down 3.18 points, or 0.02 percent, at 12,807.36. The Standard & Poor's 500 Index was down 2.39 points, or 0.18 percent, at 1,361.22. The Nasdaq Composite Index was down 9.46 points, or 0.33 percent, at 2,864.08.
European shares hit a two-month high in holiday-thinned trade on optimism the earnings season will stay strong in the near-term and in a knee-jerk reaction to news al Qaeda leader Osama bin Laden was killed.
The FTSEurofirst 300 index of top European shares was up 0.3 percent at 1,160.03 points after touching 1,162.05, the highest since early March. The Euro STOXX 50 -an index of the euro zone's top blue chips- was up 0.3 percent at 3,021.50 points. The UK stock market was closed for a holiday.Japan's Nikkei average jumped above 10,000 for the first time since mid-March on optimism.
The Nikkei hit a post-March 11 earthquake high of 10,017.47 shortly after the start of the afternoon trade at 0330 GMT, but the market turned nervous about piling on large positions with Japan's "Golden Week" holiday continuing on Tuesday, traders said.
The benchmark Nikkei average was up 1.5 percent at 9,995.66, while the broader Topix had risen 1.5 percent to 864.64.
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