Stocks, Euro Pare Losses on Speculation of EU Agreement

U.S. Stocks Pare Losses on Speculation of EU Summit Agreement
A trader works on the floor of the New York Stock Exchange (NYSE) in New York. Photographer: Scott Eells/Bloomberg

U.S. stocks and the euro pared losses amid speculation that European leaders were nearing an agreement on plans to halt contagion from the debt crisis.

The Standard & Poor’s 500 Index slipped 0.2 percent to 1,329.01 at 4 p.m. in New York after earlier slumping as much as 1.4 percent. The euro slipped less than 0.2 percent to $1.2447 after earlier dropping as much as 0.5 percent.

Italy and Spain may get short-term relief to ease financing pressure, Xinhua reported, citing a European Union source at the summit in Brussels. German Chancellor Angela Merkel canceled a press briefing at the summit and her spokesman said talks on a growth accord were ongoing.

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