Stocks Wavered Amid Euro Zone Woes

Stocks wavered at the open on Tuesday as Wall Street rode a wave of mostly European-related concerns. The Dow Jones Industrial Average lately fell 14.46 points to 11,046.66. The Standard & Poor’s 500 Index was up 2.49 points to 1,164.76. The Nasdaq Composite Index gained 12.58 points to 2,507.67.

More than half of Europe’s fund managers expect the region will fall into recession in the next 12 months, a factor that has driven risk appetite to its lowest levels since early in 2009, a survey published Tuesday revealed. The region’s expected to suffer two quarters of negative real growth over the next year, according to 55% of the fund managers polled by Bank of America Merrill Lynch in its latest industry survey. 68% of respondents see the European sovereign-debt crisis as the biggest among the major risks.

Import prices fell in August due to lower fuel costs, potentially giving the central bank more room for stimulus measures to boost the economy, data showed on Tuesday. A drop in prices for petroleum helped push import prices 0.4 percent lower following a 0.3 percent increase in the previous month, the Labor Department said in a report. Prices for food and industrial materials also fell.

H&R Block Inc. said Tuesday that it won’t offer refund anticipation loans next tax season because it’s getting more new clients and the appeal of the high-cost loans is shrinking.

Best Buy Co. said Tuesday its fiscal second-quarter net income fell 30 percent as consumers hit the pause button on buying electronics while fears about the global economy persist. Net income fell to $177 million, or 47 cents per share, for the three months ended Aug. 27, down from $254 million or 60 cents per share last year. Revenue edged up to $11.35 billion from $11.34 billion.





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