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Empresas y finanzas

Wall Street cuts losses on bargain hunting


    NEW YORK (Reuters) - Stocks briefly cut losses on Friday as investors scoured the market for beaten-down shares following the S&P 500's earlier drop to a 12-year low.

    Trading was volatile, with gains in such sectors as technology, consumer staples and materials offsetting a slide in financials.

    News that the U.S. government is taking a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.

    The Dow Jones industrial average was down 37.03 points, or 0.52 percent, at 7,145.05. The Standard & Poor's 500 Index was down 7.86 points, or 1.04 percent, at 744.97. The Nasdaq Composite Index was down 2.16 points, or 0.16 percent, at 1,389.31.

    (Editing by James Dalgleish)