Summary Box: Stocks drop as Fed warns of strains

AP News
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Posted: Dec 13, 2011 5:10 PM
Summary Box: Stocks drop as Fed warns of strains

THE DOW: The Dow Jones industrial average fell for a second day in a row. Successful European debt auctions helped push it higher in the morning. The gains faded after the Federal Reserve warned that global markets still posed a danger, a nod to the European debt crisis.

EUROPE: The Spanish government sold short-term debt at lower interest rates than a month ago, a signal that buyers are more confident in the government's ability to repay its debt.

FED SPEAKS: The Fed portrayed the U.S. economy as slightly healthier and held off on any new steps to boost the economy.