NEW YORK (AP) -- Stocks erased big gains Monday after investors lost some of their enthusiasm about China's decision to let its currency appreciate against the dollar.
The Dow Jones industrial average fell about 8 points after climbing nearly 144 in early trading. The Dow had been up the past four days. The Standard & Poor's 500 index also slid and the Nasdaq composite index fell after seven straight gains.
The initial reaction to China's weekend announcement was that a stronger yuan compared with the dollar would allow U.S. manufacturers and exporters to be more competitive selling their products in China. But traders came to see the move as more of a long-term shift rather than something that would give the economy a boost now.
A drop in the euro also eroded investors' excitement over China's move. A slide in the European currency is seen as a sign of faltering confidence in Europe's ability to contain its debt problems.
