Stocks trim losses on pickup in manufacturing

NEW YORK (AP) — Stocks seesawed between small gains and losses in midday trading Monday as investors weighed a pickup in U.S. manufacturing against more trouble in Europe.

U.S. stocks opened lower, following European markets, after Greece said it will miss deficit reduction targets it agreed to as part of its bailout deal. Benchmark indexes in Germany, France and Spain fell 2 percent.

The Dow was down as many as 90 points shortly after the market opened but pared those losses after the Institute of Supply Management said its gauge of manufacturing did better than Wall Street had predicted in September. It was the first increase after two months of declines. Exports, production and hiring at factories all picked up during the month.

The Dow Jones industrial average was up 19 points, or 0.2 percent, to 10,935 at noon Eastern. The S&P 500 edged up less than a point to 1,131. The Nasdaq composite lost 2, or 0.1 percent, to 2,412.