NEW YORK ? An early rally faded on Wall Street Wednesday as traders worried about Europe's ability to contain its debt crisis.
Stocks opened higher but turned mixed after the first hour of trading. At midday the Dow was up just 26 points, giving up a 126 point gain from shortly after the opening bell. The S&P 500 and Nasdaq edged lower.
Traders focused on remarks from German Chancellor Angela Merkel suggesting that the second Greek bailout package might have to be renegotiated. Several European leaders want banks to take bigger losses on Greek bonds. France and the European Central Bank oppose the idea.
Germany is set to vote on a package Thursday about whether to give a rescue fund more powers to fight Europe's debt crisis. Finland's parliament approved legislation on Wednesday, lifting some of the uncertainty over the debt crisis issue which has been dogging financial markets since late July.
"This is a market that has been fluctuating and is thoroughly susceptible to any news, any rumors, any innuendos," about Europe, said Quincy Krosby, market strategist at Prudential Financial.
The Dow Jones industrial average rose 26 points, or 0.2 percent, to 11,214 shortly after 12:15 Eastern Wednesday. Microsoft Corp. rose 1.5 percent, the most of the 30 companies in the Dow, after announcing an expanded smartphone partnership with Samsung.
The Standard & Poor's 500 fell 2, or 0.2 percent, to 1,172. The Nasdaq composite fell 7, or 0.3 percent, to 2,539.
Amazon.com shot up 4.6 percent after the online retailer unveiled a new tablet device called the Kindle Fire. It will cost $199 and will rival Apple Inc.'s iPad.
Jabil Circuit Inc. rose 9 percent, the most of any company in the S&P 500, after the electronic parts maker reported strong earnings and a fourth-quarter earnings forecast that was better than analysts had anticipated.
The government also said orders for manufactured goods fell just 0.1 percent in August, a smaller decline than economists predicted. That reassured investors that U.S. manufacturing is still healthy.
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