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Stocks finished slightly lower Thursday but staged an impressive comeback in the last half-hour of trading following reports that Germany's Angela Merkel canceled the EU summit's press conference tonight, giving hope to traders that the European leaders are working to form a solution to tackle the region’s ongoing debt crisis.
Stocks had been sharply under pressure all day after the Supreme Court upheld a key part of President Obama's health care overhaul and amid skepticism over this week's two-day EU summit.
“Cancel the press conference—That means they’re still working on things," said Art Cashin, director of floor operations at UBS Financial Services.
The Dow Jones Industrial Average slipped 24.75 points, or 0.20 percent, to close at 12,602.26. The Dow was down as many as 176 points at its lowest.
The S&P 500 erased 2.81 points, or 0.21 percent, to end at 1,329.04. The Nasdaq declined 25.83 points, or 0.90 percent, to finish at 2,849.49. The Nasdaq earlier briefly turned negative for the month of June. The CBOE Volatility Index, widely considered the best gauge of fear in the market, closed above 19.
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