Stocks Surrender Early Gains As Rise in U.S. Market Falters
March 31, 2011
European stocks started the day sharply higher as investors cheered the Dow Jones Industrial Average's 87-point advance Thursday. But much of those gains were quickly erased as Wall Street resumed its recent downward trend, posting a loss of roughly 40 points near the close of trading in Europe. Stocks edged higher in Brussels, in extremely volatile trading associated with the expiration of futures and options. Strength in the local bond market boosted shares in Madrid, while blue-chip stocks led the advance in Stockholm. But some disappointing reports about corporate sales wiped out early gains on the French bourse. Stocks fell in electronic trading on the Frankfurt Stock Exchange after closing higher in earlier floor trading, while prices remained in positive territory through the close in London. Prices also ended lower in Milan, as several blue chip companies prepared to pay out dividends. In dollar terms, the European sector of the Dow Jones World Stock Index was up 0.71 to 142.35 at 1:30 p.m. EDT after gaining 0.42 a day earlier. The world index as a whole was down 0.40 to 136.33, following Thursday's gain of 1.42. Precious-metal and mining shares led the Dow Jones Global Industry Groups, while consumer-services and software issues were among the laggards. European Stock Market Indexes Market Belgium
