Markets lose grip on early gains

U.S. markets slid Monday after early gains faded with the focus on financial discussions in Europe. Markets posted gains in Italy, Germany, France and Britain after Germany held a successful auction of short-term bonds. In Berlin, however, International Monetary Fund Director Christine Lagarde warned the $600 billion rescue fund for debt-burdened nations in Europe needed to be doubled. She warned that a rescue of Italy or Spain, should one become necessary, could lead to a major global depression. In afternoon trading on Wall Street, the Dow Jones industrial average lost 23.24 points, 0.18 percent, to 12,697.24. The Standard & Poor's 500 index shed 1.13 points, 0.09 percent, to 1,314.25. The Nasdaq composite index dropped 4.32 points, 0.16 percent, to 2,782.52. The benchmark 10-year treasury note fell 13/32 to yield 2.074 percent. The euro rose to $1.3014 from Friday's $1.2931. Against the yen, the dollar fell to 77.01 yen from Friday's 77.02 yen. In Tokyo, the Nikkei 225 index fell 0.01 percent, 0.46, to 8,765.90. In London, the FTSE 100 index gained 0.94 percent, 54.01, to 5,782.56.