Wall Street cuts gains as Europe weighs

Oct 3, 2011, 7:35 a.m.
Traders work on the floor of the New York Stock Exchange September 23, 2011. REUTERS/Brendan McDermid

NEW YORK (Reuters) - Stocks erased gains that came after a stronger-than-expected ISM manufacturing report on Monday and traded around breakeven as investors continued to focus on Europe's debt crisis.

The Dow Jones industrial average dropped 5.44 points, or 0.05 percent, to 10,907.94. The Standard & Poor's 500 Index fell 0.46 points, or 0.04 percent, to 1,130.96. The Nasdaq Composite Index was off 3.11 points, or 0.13 percent, to 2,412.29.

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