UnitedStates stocks were changed a little on Wednesday on caution about the outcome of a European summit to resolve the debt crisis and mixed corporate results.Equities initially rose by as much as one per cent before losing gains, while the Nasdaq fell by as much as one per cent on Amazon.coms disappointing outlook before cutting losses.A meeting of European leaders to tackle the regions debt crisis began in optimism, contributing to the early gains; but prospects for a comprehensive deal became cloudier as several thorny issues remained unresolved.Reutersreported on Wednesday that the summit was set to begin shortly on Wednesday, in Brussels. Investors worry that in the absence of a deal, the crisis could spread and erode domestic bank profits.There are some questions about whether they will come up with something, and that lack of resolution is the main dampener for stocks, the portfolio manager at Pioneer Investment Management in Boston, Mr. John Carey, said.Since a recent low hit on October 3, the S&P has risen by almost 12 per cent with hopes over a sovereign debt deal in Europe a major contributor to those gains.The incoming head of the European Central Bank threw a potential lifeline to the region, signaling the bank would go on buying troubled states bonds and Germanys lower house of parliament approved a motion to strengthen the euro zone rescue fund.Amazon fell by 12 per cent to $200.10 a day after forecasting a disappointing outlook for the current quarter on costs related to Kindle and other investments.On the upside, Boeing Company rose by 3.6 per cent to $66.02 after raising its outlook.In the face of all this macro uncertainty, corporate disappointments will get more attention than positive ones, Carey, who helps oversee $260bn in assets, said.The Dow Jones industrial average was up by 40.15 points, or 0.34 per cent, at 11,746.77. The Standard & Poors 500 Index was down by 0.06 point at 1,228.99.The Nasdaq Composite Index was down by 15.70 points, or 0.60 per cent, at 2,622.72.With corporate earnings in high gear, Ford Motor Company reported lower third-quarter earnings but beat estimates and offered a full-year forecast that suggested operating margins would fall in the current quarter. The stock fell by four per cent to $11.94.In the latest economic data, new US single-family home sales rose at their fastest pace in five months in September, but sustained price declines indicated the housing market is far from recovery.Separately, the government said demand for US durable goods rose more than expected in September to post the largest increase in six months.About four stocks rose for every three that fell on the New York Stock Exchange, while on the Nasdaq, decliners slightly outnumbered risers.
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