Francesca Levy, AP Business Writer
Stocks stabilize as Italy pledges action on debt
Stocks stabilize after successful bond auction in Italy; country promises action on austerity
NEW YORK (AP) — A promise from Italy to fast-track austerity measures nudged stock indexes slightly higher Tuesday. Investors are still worried that Italy might become the next European country to need help managing its debts.
A successful auction of new Italian government bonds also reassured markets that the country will be able to manage on its own without backstops from international lenders like the International Monetary Fund. A default by Italy, the third-largest economy in Europe, would cause far more damage to the global financial system than one by Greece, which is much smaller.
The Standard & Poor’s 500 index and the Dow Jones industrial average bounced between small gains and losses. The Standard & Poor’s 500 index rose 1 point, or 0.1 percent, to 1,321 in afternoon trading. The Dow rose 2 points to 12,512.
Italian finance minister Giulio Tremonti said budget cuts originally scheduled for August would be passed by this Sunday. The news sent Milan’s main stock index up 1.2 percent.
Yesterday’s Top Performing Small Cap Stock:
Advanced Medical Isotope Corp. (OTCBB: ADMD)
Advanced Medical Isotope Corp. was a SmallCapVoice.com top performer closing up over 2% on trading volume of 42,475 shares.
AUSTIN, Texas, July 12, 2011 /PRNewswire/ — SmallCapVoice.com, Inc. announced today that a new audio interview with Scorpex, Inc. (Pinksheets: SRPX) is now available. The interview can be heard at http://smallcapvoice.com/blog/7-8-11-audio-interview-with-scorpex-inc-pink-sheets-srpx.
Podcast: Download (Duration: 14:52 — 13.6MB) | Embed
Joseph Caywood President of Scorpex, Inc. (Pink Sheets: SRPX) called into SmallCapVoice.com to tell the listeners that the Company is is actively engaged in achieving its goal of becoming the leader of hazardous and toxic waste disposal in the Baja Mexico/California region and providing increased value to its shareholders.