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An early rally fades on the stock market; Amazon rises after announcing new tablet computer
NEW YORK (AP) ' An early rally faded on the stock market Wednesday as traders worried about Europe's ability to contain its debt crisis.
German Chancellor Angela Merkel hinted that the second Greek bailout package might have to be renegotiated. European leaders want banks and other private institutions to take bigger losses on Greek bonds. France and some European Central Bank officials oppose that idea.
The Dow Jones industrial average rose 23 points, or 0.2 percent, to 11,213 at 11:15 Eastern. It had been up as many as 126 points earlier. Microsoft Corp. rose 1.4 percent, the most of the 30 companies that make up the index.
The Standard & Poor's 500 index fell 6, or 0.5 percent, to 1,170. The Nasdaq composite fell 11, or 0.4 percent, to 2,536.
Amazon.com Inc. rose 2.7 percent as the company announced a new tablet device called the Kindle Fire. It will cost $199 and will rival Apple Inc.'s iPad.
Jabil Circuit shot up 8.9 percent, the most of any company in the Standard & Poor's 500, after the electronic parts maker issued a fourth-quarter earnings forecast that was better than analysts had expected.