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According to preliminary calculations, the Dow Jones Industrial Average finished 16.80 lower, or 0.15 percent, to 11,416.38. The S&P was 0.65 higher, or 0.05 percent, to 1,195.54. The Nasdaq was up 16.98, or 0.66 percent, to 2,583.03.
The relatively tepid trading came a day after the Dow jumped 330 points, its largest increase since Aug. 11, the Associated Press reported. Markets have been swinging wildly since early August, when Europe's economy suddenly seemed closer to the brink of collapse.
One unlikely source of frustration for investors: Slovakia.
That's right. The fate of a eurozone rescue fund (and the possible direction of global financial markets) rests in the hands of Slovakian lawmakers. All other eurozone member states have ratified a plan to increase the size and powers of the European Financial Stability Facility bailout fund.
The assembly is expected to vote against the plan -- the government lacks a majority because a rebellious junior coalition partner opposes the EFSF proposal, Reuters reported. A vote was scheduled for 4 p.m. Eastern.
UPDATE: The vote failed.
The Wall Street Journal said the deal may not pass in a vote expected later today but could win ratification later this week after domestic political rigmarole in Slovakia is resolved. The New York Times reported that the country’s prime minister said she would resign if the vote failed.
Earnings season will unofficially begin this afternoon when Alcoa reports after markets close.
"Expectations are so low that Alcoa doesn't have to say a lot in order to beat expectations," said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco told Reuters. "Everyone expects a double-dip recession, so all you need is a little bit of good news and markets could take off on that."
Keith McCullough, CEO of Hedgeye Risk Management, and Andrew Julian of OpVest Wealth Management discuss on CNBC the impact Slovakia is having on trading.
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This is NOT NEWS!
this is just a joke... trying to convince people that everything is fine...
why dont you report on the Federal Reserve and how criminal they are!
The economy is great. It gained 103,000 jobs last month. Oh wait, 60,000 of those were Verizon workers returning to work after a strike so I guess the monthly job gain was only 43,000, well below expectations of 60,000 to 80,000. But hey, any positive sends our markets soaring.
No big deal one day after Dow's big jump, stocks end day mixed. It looks like the news press writers aren't doing their job in moving and controlling markets. Maybe they'll get it right tomorrow.