U.S. Markets close in 3 hrs

Stocks meander on Wall Street in early trading

Matthew Craft, AP Business Writer

FILE - In a Thursday, July 26, 2012 photo, traders gather at a post on the floor of the New York Stock Exchange during the IPO of Northern Tier Energy. U.S. stocks crept higher in early trading Monday, July 30, 2012 on Wall Street following big gains last week. (AP Photo/Richard Drew, File)

NEW YORK (AP) -- U.S. stocks are wavering in midday trading, following big gains last week on expectations that European leaders would take action to calm the region's debt crisis.

The Dow Jones industrial average is down 20 points to 13,055 shortly before 12 noon.

U.S. Treasury Secretary Timothy Geithner meets separately with Germany's finance minister and the head of the European Central Bank, Mario Draghi, on Monday. Draghi's pledge to do whatever was needed to protect the euro set off a market rally last week. The Dow rose back above 13,000 for the first time since May and is now up 1.4 percent for the month.

In other trading, the broader Standard & Poor's 500 index is down three points to 1,383, while the Nasdaq is down 14 points to 2,944.