Stocks dipped on Monday with investors taking profits and looking for further action from European officials to prevent a debt crisis from spreading.
Euro zone finance ministers were set to meet amid pressure to increase the size of a 750 billion euro ($1,006 billion) safety net for debt-stricken members. But Germany rejected any such move.
Even if Germany gets on board, does Germany become the benefactor of all of Europe? said Nick Kalivas, senior equity index analyst at MF Global in Chicago. Is it politically and economically viable for the euro?
The euro fell, pressuring equities. Stocks and the euro have moved in tandem of late, with the euro looked at as a proxy for debt concerns.
The Dow Jones industrial average <.DJI> slipped 26.22 points, or 0.23 percent, to 11,355.87. The Standard & Poor's 500 Index <.SPX> eased 3.33 points, or 0.27 percent, to 1,221.38. The Nasdaq Composite Index <.IXIC> was off 4.65 points, or 0.18 percent, to 2,586.81.
Technology shares limited declines after positive brokerage comments on Cisco Systems Inc
Goldman Sachs Asset Management Chairman Jim O'Neill gave a bullish view on equities at the Reuters Investment Outlook Summit, saying global equity markets are likely to see gains of up to 20 percent through 2011.
Investors also took in weekend comments from U.S. Federal Reserve Chairman Ben Bernanke, who told the CBS television program 60 Minutes the Fed could end up increasing its commitment to buy $600 billion in U.S. government bonds if the economy fails to respond or unemployment stays too high.
(For other news from the Reuters 2011 Investment outlook Summit, click on http://www.reuters.com/summit/InvestmentOutlookDec10)
(Editing by Jeffrey Benkoe)