NEW YORK |
NEW YORK (Reuters) – Stocks edged lower on Monday on stalled Greek debt talks, but an afternoon rally cut losses in a sign of the underlying resilience the market has shown early in the year.
Major indexes had fallen more than 1 percent as negotiations between the Greek government and private bondholders over the restructuring of 200 billion euros of debt failed to reach an agreement before the start of a summit of European leaders.
But by the afternoon those losses were cut sharply. Optimism that the U.S. markets can shrug off Europe’s troubles has fueled gains in 2012, with the SP 500 up 4.7 percent this month. Money managers, some of whom missed the upward move, appear willing to buy on intraday declines.
“The action that we’ve seen today is very similar to what we’ve seen throughout most of the year so far,” said Ryan Larson, head of equity trading at RBC Global Asset Management in Chicago. “We see the resilience
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