US stocks waver as emergency call on Europe starts

By Christina Rexrode

Associated Press

Published: Tuesday, June 5 2012 10:12 a.m. MDT

NEW YORK — U.S. stocks are struggling for direction.

The Institute for Supply Management reported that U.S. service companies, which employ roughly 90 percent of the work force, grew at a slightly faster pace in May, temporarily propping up major stock indexes.

Worries about Europe are not far from anyone's mind. Finance chiefs from around the world held an emergency conference call to discuss how to rein in the continent's debt crisis, and Spain's finance minister indicated that the country is having trouble borrowing money on the open market.

The Dow Jones industrial average wavered between small gains and losses and was down 15 points to 12,086 shortly before noon.

The Standard & Poor's 500 index was up one to 1,279, and the Nasdaq composite index was up two to 2,762.

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