U.S. stocks dip as enthusiasm over Spainsh bailout fizzles

PanARMENIAN.Net - Following a higher open, U.S. stocks dipped into the red Monday, June 11 as early enthusiasm over a $125 billion bailout for Spanish banks fizzled.

The Dow Jones industrial average (INDU) lost 7 points, or 0.1%, the S&P 500 (SPX) fell less than 1 point, and the Nasdaq (COMP) lost 4 points, or 0.1%. All three indexes were up between 0.7% and 0.8% earlier.

Over the weekend members of the eurozone signalled that they may help to recapitalize Spain's banking system after the country asked for €100 billion ($125 billion) from the group of nations.

China reported record exports, at $181.1 billion, and imports, at $162.4 billion, which gave it a bigger-than-expected trade surplus and helped to ease concern about a so-called hard landing caused by a rapid slowdown in its economy.

A separate report showed inflation in China slowed in May, which kept the door open for more stimulus from the government there to deal with any possible slowdown, according to CNNMoney.