US STOCKS-Euro zone worries hit Wall St; 1,227 eyed on S&P

* Euro falls as euro zone finance ministers meet

* Gains in tech shares limit declines

* Bernanke says Fed could buy more bonds

* Indexes down: Dow 0.2 pct, S&P 0.3 pct, Nasdaq 0.1 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to midday, changes byline)

By Caroline Valetkevitch

NEW YORK, Dec 6 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) edged lower on
Monday as investors took profits before moves by euro zone
officials to keep a debt crisis contained, but the S&P 500
stood within points of a new high for the year.

The finance ministers were under pressure as they met to
increase the size of a 750 billion euro safety net for
debt-stricken members. But Germany rejected any such move. For
details, see [ID:nLDE6B40EJ]

Despite the day’s dip, analysts see the S&P 500 soon
breaking out of its recent range and surpassing its current
intraday high for the year just above 1,227 reached on Nov. 5.

“We’re at the April highs. We’re backing and filling, and
we’ve been doing that since Nov. 3. The presumption is a little
bit longer, not that much, and then it will be free to break
out,” said Carter Worth, chief market technician at Oppenheimer
& Co in New York.

“The objective would be 1,280 (on the S&P 500)…something
between a 4 to 5 percent advance from the breakout jump here.”

Also looking ahead in equities, Goldman Sachs Asset
Management Chairman Jim O’Neill, speaking at the Reuters
Investment Outlook Summit in New York, gave a bullish view on
stocks, saying global equity markets are likely to see gains of
up to 20 percent through 2011. [ID:nLDE6B512C]

A decline in the euro added to the pressure on stocks.
Stocks and the euro have moved in tandem of late, with the euro
view as a proxy for debt concerns.

The Dow Jones industrial average (.DJI: ) was down 22.36
points, or 0.20 percent, at 11,359.73. The Standard & Poor’s
500 Index (.SPX: ) was down 3.09 points, or 0.25 percent, at
1,221.62. The Nasdaq Composite Index (.IXIC: ) was down 3.39
points, or 0.13 percent, at 2,588.07.

Technology shares limited declines after positive brokerage
comments on Cisco Systems Inc (CSCO.O: ) and Cognizant Technology
Solutions Corp (CTSH.O: ). Cisco rose 2.1 percent to $19.47 after
Oppenheimer raised the stock to “outperform,” and Cognizant
gained 0.5 percent to $69.63 after Goldman Sachs boosted it to
“buy.” [ID:nSGE6B50BC] [RCH/US]

Over the weekend U.S. Federal Reserve Chairman Ben Bernanke
told the CBS television program “60 Minutes” the Fed could end
up increasing its commitment to buy $600 billion in U.S.
government bonds if the economy fails to respond or
unemployment stays too high. [ID:nN05271909]
(For other news from the Reuters 2011 Investment outlook
Summit, click on
http://www.reuters.com/summit/InvestmentOutlookDec10)
(Additional reporting by Leah Schnurr; Editing by Kenneth
Barry)

US STOCKS-Euro zone worries hit Wall St; 1,227 eyed on S&P