US stocks mixed eying Spanish banking mess
NEW YORK — The major US indices were mixed Friday as traders again looked to events across the Atlantic amid thin trade ahead of a long holiday weekend.
The Dow Jones Industrial Average and the Nasdaq fell in early trade while the S&P 500 rose modestly.
Tremors in Spain’s banking market set the tone.
Spain’s stock market suspended trade in Bankia’s plunging shares as reports said the struggling lender may seek up to 20 billion euros ($25 billion) from the state to stay afloat.
Bankia requested the suspension ahead of a board meeting to decide on a recapitalization plan, “in view of the lack of precision on the figures” ahead of its decision, the bank said in a statement.
That fuelled fears of a bank run, which would send ripples through the global banking system.
Article continues after this advertisementThe Dow was down 23.91 points (0.19 percent) to 12,505.84 an hour after the open.
Article continues after this advertisementThe Nasdaq was down 4.96 (0.17 percent) to 2,834.42.
The S&P index was modestly in the black, rising 0.34 (0.03 percent) to 1,321.02.
Dow components Caterpillar, Boeing and American Express were all down close to one percent.
Microsoft, Procter & Gamble and Intel carved out modest gains.
Bond prices rose as yields fell. The yield on the ten year Treasury bond fell 0.01 points to 1.75 percent, that on the 30 year fell 0.01 points to 2.84 percent.
Monday is a holiday in the United States.
