|DANIEL WAGNER, AP Business writer|
Crisis-weary investors scoffed Monday at what had appeared to be a hopeful turn in the European debt crisis: a victory for pro-
Investors appeared fed up with policy makers' inability to resolve a crisis that has bedeviled markets for more than three years. Leaders of the most developed countries are meeting in
"Even though we avoided the worst-case scenario in
U.S. indexes opened lower then drifted between modest gains and losses. Homebuilders rallied after a measure of confidence among U.S. builders rose to a five-year high.
Spanish borrowing rates spiked Monday above levels that forced other countries to take bailouts, a sign that bond investors fear
The Dow Jones industrial average fell seven points to 12,760 as of
Rival tech titan
The Standard & Poor's 500 index rose three points to 1,345. Of its 10 major industry categories, only financials and energy stocks fell. Banks would be hit hard if the European crisis spun out of control. Energy companies followed oil prices lower.
On Sunday, Greek voters elected a party that wants to continue a program of international bailout loans that require painful budget cuts. Traders had fretted for weeks that a radical leftist party would prevail and reject
The next step, traders feared, would be
Many had expected stocks and other risky investments to rally on relief that the conservative party won. But the broader scope of
Safe investments rose and riskier ones fell as traders continued their long vigil for a more permanent solution in
"It doesn't appear that any lasting solution is a possibility any time soon," Schwab's Gibley said. "Until we get some kind of coming together, volatility is likely to continue."
Attention shifted Monday toward
The yield on the 10-year Treasury note fell to 1.59 percent from 1.63 percent earlier Monday as demand increased for low-risk assets.
The yield on Spanish 10-year bonds jumped to 7.15 percent, the highest since
The Greek election "should be seen as a significant net positive for markets, but markets don't always react in a rational manner," said
Giant military contractor
Energy prices, which are sensitive to investors' expectations of future economic growth, fell. Benchmark crude for July delivery slid
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