A steeper drop in the last-half hour of U.S. stock trading came as reporters at the European Union leaders summit in Brussels, where the agenda was a “working dinner,” started to file short posts. According to some, German officials are reiterating their opposition to doubling the firepower of the permanent and temporary rescue fund by some combination, an idea floated this week. The comments also generally showed officials at loggerheads over some fundamental decisions — say, changing the treaty that governs the European Union, which would seem a necessary part of the “fiscal union” promoted by Germany’s Angela Merkel and France’s Nicolas Sarkozy earlier this week.
For instance, La Stampa correspondent Marco Zatterin tweets that Swedish premier Fredrik Reinfeldt says “no to treaty changes.”
And Reuters reported that “Germany rejected some measures in draft conclusions from a summit of EU heads on Thursday, including giving the European Stability Mechanism (ESM) a banking license and issuing common euro zone debt, a senior German source said.”
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,997.70 |
|---|---|
| Trade Time: | 4:05PM EST |
| Change: |  198.67 (1.63%) |
| Prev Close: | 12,196.37 |
|---|---|
| Open: | 12,195.91 |
| Day's Range: | 11,966.22 -12,195.91 |
| 52wk Range: | 10,362.30 -12,928.50 |
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