By Edward Krudy
NEW YORK (Reuters) - Wall Street stocks fell on Monday after the market's best two-week run since 2009 as Germany's finance minister said a forthcoming summit would not yield a definitive solution to Europe's debt crisis.
German Finance Minister Wolfgang Schaeuble's statement that European governments will not resolve the crisis at a European Union meeting scheduled for October 23 poured cold water on stocks that had run up partly in anticipation of an end-game to the crisis.
Schaeuble's comments weighed on the euro currency and pressured the S&P's financial index <.GSPF>. The financial sector was one of the biggest drags on the market, falling more than 1 percent.
An earnings miss from Wells Fargo & Co
"All eyes are on Europe," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. "We are, no doubt, one-for-one trading with the euro."
The Dow Jones industrial average <.DJI> fell 70.16 points, or 0.60 percent, at 11,574.33. The Standard & Poor's 500 Index <.SPX> lost 8.38 points, or 0.68 percent, at 1,216.20. The Nasdaq Composite Index <.IXIC> dropped 15.74 points, or 0.59 percent, at 2,652.11.
The S&P 500 had risen more than 8 percent in the first back-to-back winning weeks since July. The index approached the top of a two-month trading range on hopes the global economy can dodge a new recession and the euro zone will resolve its sovereign debt crisis and recapitalize its banks.
Events in Europe overshadowed a $21 billion deal by Kinder Morgan Inc
El Paso's shares rose more than 23 percent to $24.11. Kinder Morgan shares rose 5.5 percent to $28.38.
Corporate results moved into high gear. Wells Fargo missed Wall Street earnings estimates by 1 cent a share, though third-quarter profit rose on lower costs for bad loans. The shares fell 5.3 percent to $25.26.
Citigroup Inc
(Additional reporting by Charles Mikolajczak; Editing by Padraic Cassidy)
