NEW YORK – Stocks fluctuated in a tight range Monday as relief about a health care overhaul bill was tempered by concern about debt problems in Greece.
Investors had expected the health care bill would pass the House. The approval came late Sunday. A companion bill now goes back to the Senate. The changes could have a far-reaching effects on health insurers and drug makers. Most health stocks rose after uncertainty over what might come out of Washington eased.
More uncertainty about Greece’s ability to repay debt kept the market’s advances in check. Concern about the country’s soaring debt pushed investors into the safety of the dollar. The rising dollar hit shares of commodity producers, who see demand fall when the dollar strengthens.
The latest concern is that Greece might not get the outside financial support it has been seeking. Stocks fell Friday on Greek debt worries. The country’s debt woes have dragged down the market off and on for nearly two months as the country tries to cut its budget and is looking for outside support.
Germany’s chancellor on Sunday said a bailout for Greece won’t be discussed at a European summit this week. Greece has said in recent days if other European countries do not provide support, it might turn to the International Monetary Fund for help.
Investors are worried that Greece and other European nations that use the euro, like Spain and Portugal, could struggle to recover as they try to pay down steep debt. That could upend a global economic recovery.
In midmorning trading, the Dow Jones industrial average rose 4.92, or 0.1 percent, to 10,746.90. The Standard & Poor’s 500 index slipped 0.37, or less than 0.1 percent, to 1,159.53, while the Nasdaq composite index rose 2.51, or 0.1 percent, at 2,376.92.
Bond prices rose, pushing down yields. The yield on the benchmark 10-year Treasury note fell to 3.67 percent from 3.70 percent late Friday.
The dollar strengthened against the euro and other major currencies. Gold fell.
Crude oil fell $1.76 per barrel to $78.92 per barrel on the New York Mercantile Exchange.
There is still uncertainty surrounding the health care industry after the House of Representatives passed the contentious overhaul bill. The sweeping reform will create near-universal medical coverage, extending benefits to 32 million uninsured Americans. However, many of the key points of the bill will not go into effect for several years.
Major stock indexes dropped Friday because of renewed concerns about Greece. The Dow fell 0.3 percent, while the S&P 500 dropped 0.5 percent.
Stocks had been rising steadily in recent weeks as investors grew more confident in an economic rebound following a string of economic reports that showed mild improvement.
There are no economic reports due out Monday that could provide a lift to the market. Reports on home sales, durable goods orders and weekly jobless claims are due out later in the week. The government will also provide its final reading on the nation’s gross domestic product from the fourth quarter.
Among health stocks, drug maker Pfizer Inc. rose 28 cents to $17.19, while insurer UnitedHealth Group Inc. rose 10 cents to $34.49.
Two stocks fell for every one that rose on the New York Stock Exchange, where volume came to 125.5 million shares, compared with 572.4 million traded at the same point Friday. Trading was heavy because of the expiration of options and futures contracts.
The Russell 2000 index of smaller companies fell 2.06, or 0.3 percent, to 671.83.
Overseas, Britain’s FTSE 100 fell 0.7 percent, Germany’s DAX index dropped 0.6 percent, and France’s CAC-40 fell 0.9 percent. Japan’s Nikkei was closed for a holiday.
