McDonald's Corporation : MARKET SNAPSHOT : U.S. Stocks Slightly Up On Europe Report
06/08/2012| 12:10pm US/Eastern
By Kate Gibson, MarketWatch
U.S. stocks tallied mild gains after President Barack Obama urged Europe to act quickly to combat its economic crisis and Reuters said Spain was readying to ask for help for its banks.
The Dow Jones Industrial Average (DJI) rose 20.89 points, or 0.2%, to 12,481.85.
McDonald's Corp. (MCD) led blue-chip declines after the fast-food chain reported global sales at stores open at least 13 months rose 3.3% in May, short of expectations, on sales declines in Japan and China.
The S&P 500 (SPX) rose 2.08 points, or 0.1%, to 1,317.07.
The Nasdaq Composite (RIXF) gained 11.39 points, or 0.4%, to 2,842.42.
Advancers pulled ahead of decliners on the New York Stock Exchange, where 243 million shares traded as of 12:05 p.m. Eastern.
Reuters cited sources in Brussels and Berlin in reporting Spain would likely request euro-zone help with recapitalizing its banks during the weekend, with an announcement expected on Saturday.
In nationally televised comments to reports in the White House briefing room, Obama gave Europe a "to-do" list.
U.S. stocks had declined on economic reports from Europe furthered concern about the global economy, with German exports declining more than projected and Italian industrial production contracting in April.
And, cheer over China's first interest-rate cut in years also dissipated as investors considered what Thursday's move said about where the global economy is headed.
Instead of boosting confidence that China's economic moderation can be reversed, the People's Bank of China's cut "reinforced why it happened to begin with, the slowdown is beginning to hurt," emailed Peter Boockvar, equity strategist at Miller Tabak.
In the U.S., the Commerce Department on Friday reported the U.S. trade deficit narrowed 4.9% in April to $50.1 billion.