NEW YORK — Optimism about a European debt-crisis summit this week rose and fell Wed nesday, but U.S. stock indexes barely budged. The Dow Jones industrial average closed 46 points higher; the Nasdaq composite index fell a fraction of a point.
Hopes have been building that the summit, which begins today, will produce a lasting solution to Europe’s 2-year-old debt crisis.
On Wednesday, French and German leaders sought to downplay expectations. Traders have been hoping that European countries will link their budgets more closely and impose greater fiscal discipline on heavily indebted nations such as Greece and Spain. Officials said Wednesday that a deal this week might include only some countries, and crafting a fuller plan might take until Christmas.
“The pattern has been get your hopes up, then be disappointed by EU summits, and that pattern has been in place for a while,” said Steve Van Order, fixed-income strategist at Calvert Investment Management.
The Dow rose 46.24 points, or 0.4 percent, to close at 12,196.37. Its biggest gains came from financial companies. JPMorgan Chase rose 2.3 percent, Bank of America rose 1.9 percent, and insurance giant Travelers rose 1.8 percent.
Machinery maker Caterpillar fell 1.1 percent, the most in the Dow 30.
The Standard & Poor’s 500 index rose 2.54 points, or 0.2 percent, to 1,261.01. The Nasdaq composite lost 0.35, or 0.01 percent, to 2,649.21.
The diminished hopes for a quick resolution to Europe’s debt troubles pushed prices of U.S. government debt higher. The yield on the 10-year Treasury note fell to 2.03 percent from 2.09 percent late Tuesday.
Traders have been growing restless with the delays in getting a resolution to Europe’s crisis. Rating agencies have warned of possible downgrades for nations using the euro if they do not quickly set a firm solution.
Men’s Wearhouse surged 20 percent after reporting third-quarter results that topped Wall Street’s expectations. The company also raised its full-year earnings forecast. SAIC rose 6.6 percent after the defense contractor reported results that beat Wall Street’s expectations.
