US STOCKS-Wall St slips modestly on euro-zone fears

* Stocks come off lows as investors brush off Europe woes

* Monthly home prices fall more than expected-Case-Shiller

* Volatility Index gains on short-term uncertainty

* Dow down 0.1 pct, S&P off 0.2 pct, Nasdaq off 0.7 pct
* For up-to-the-minute market news see [STXNEWS/US]
(Updates to afternoon trade)

By Angela Moon

NEW YORK, Nov 30 (BestGrowthStock) – Wall Street was pressured by the
euro zone’s debt crisis, but stocks came off their intraday lows in
the afternoon on Tuesday, suggesting investors still see value in
equities.

The S&P 500 Index erased most of its losses by afternoon trade
after falling more than 1 percent earlier as the euro sank to a
10-week low against the U.S. dollar. A weekend rescue package for
Ireland did little to stem fiscal concerns.

The euro and stocks have been trading in sync with each other in
recent weeks as European debt problems resurfaced, driving investors
away from risky assets. For details, see [ID:nLDE6AT18Y]

The Dow Jones industrial average (.DJI: ) was down 9.35 points, or
0.08 percent, at 11,043.14, after briefly turning positive. The
Standard & Poor’s 500 Index (.SPX: ) was down 2.46 points, or 0.21
percent, at 1,185.30. The Nasdaq Composite Index (.IXIC: ) was down
18.02 points, or 0.71 percent, at 2,507.20.

“Everyone has seen these crises pop up, but then the market gets
back on track. That’s what I think is going to happen again. I don’t
see this as the start of a longer correction,” said Brett D’Arcy,
chief investment officer at CBIZ Wealth Management Group in San
Diego, California.

“The opportunities are still greater in the domestic market than
in European markets.”

Global investors increased their exposure to equities in November
despite weaknesses on many bourses, while U.S. and British fund
managers stepped away from crisis-hit euro-zone bonds, a Reuters
asset allocation poll found.

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For details on Reuters’ latest asset allocation poll, see
[ID:nN29202856] [ID:nLDE6AT0HU] and [ID:nLDE69R0FD]
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However, reflecting investors’ fear over short-term uncertainty,
the CBOE Volatility Index, or VIX (.VIX: ), rose 4.9 percent to 22.59.

The latest S&P/Case-Shiller home prices data in the U.S. which
came out shortly after the market open, also disappointed investors
as monthly prices fell more than expected in September and prices
from a year earlier rose more slowly than forecast. [ID:nNLLTME6O7]

The Dow Jones U.S. home construction index (.DJUSHB: ) edged up 0.2
percent after closing Monday at its lowest since July 2009.

Google Inc (Read more about Google Stock Analysis) (GOOG.O: ) weighed on the tech-heavy Nasdaq index
following media reports that the company is close to a deal to buy
local advertising website Groupon Inc in what could be the Internet
giant’s biggest acquisition to date. [ID:nN30246836]

Google shares fell 3.5 percent to $561.60.

On the upside, Swiss engineering group ABB (ABBN.VX: ) is to buy
U.S. industrial motors manufacturer Baldor Electric Co (BEZ.N: ) for
$3.1 billion to capitalize on a global push for energy efficiency and
boost its North American presence. Baldor’s stock soared 40.2 percent
to $63.26 and topped the list of percentage gainers on the New York
Stock Exchange. [ID:nLDE6AT02K]

In November, U.S. consumer confidence rose to its highest level
in five months, helped by improving labor market conditions,
according to a report from the Conference Board, a private-sector
research group. [ID:nN30178922]

(Additional reporting by Ryan Vlastelica; Editing by Jan
Paschal)

US STOCKS-Wall St slips modestly on euro-zone fears