Stocks pare losses on optimism over tax cuts

NEW YORK (AP) - Stocks are finishing November on a down note as investors worry that Europe's debt crisis will continue to spread.

Major indexes pared their losses Tuesday after President Barack Obama and Republican leaders said they would try to find a way to extend Bush-era tax cuts.

According to preliminary calculations, the Dow Jones industrial average fell 47, or 0.4 percent, to 11,006.

The S&P 500 fell 7, or 0.6 percent, to 1,181. The Nasdaq composite index fell 27, or 1.1 percent, to 2,498. All three indexes are down for the month.

Two shares fell for every one that rose on the New York Stock Exchange. Trading volume came to 1.5 billion shares.