May 21, 2013
US stocks flat, European shares fall on Spain bailout news
US stocks ended little changed on uncertainty of when Madrid will make its request and growing uneasiness over third-quarter earnings.
The Dow Jones industrial average ended down 32.75 points, or 0.24 percent, to 13,482.36. The Standard & Poor's 500 Index closed up 1.26 points, or 0.09 percent, to 1,445.75. The Nasdaq Composite Index gained 6.51 points, or 0.21 percent, to 3,120.04.
European shares fell after concerns over the hit to earnings from weakening global growth weighed on sentiment and set up a test of chart support on a leading regional index.
"We need to find fundamental support for the moves generated by 'Draghi-juice'," he added, referring to the rally spurred in part by European Central Bank President Mario Draghi's pledge to defend the euro and deal with the region's debt crisis.
That rally has added nearly 16 percent to euro zone blue-chip stocks, while the FTSEurofirst 300 , which includes UK and other non-euro zone companies, has risen 8 percent.
The broader index closed 0.3 percent lower at 1,101.89 points but managed to close off its lows and above the lower band of a chart trendline begun from the June 4 low. A sustained move below the line could signal further losses.
In Asia, Nikkei slipped on concerns over company earnings after a handful of firms cut forecasts, but losses were capped by gains in mobile operator Softbank Corp after its purchase of a smaller rival.
The Nikkei eased 0.1 percent to 8,786.05, hitting a three-week closing low for a second day in a row. The broader Topix index fell 0.2 percent to 731.19.