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Wall Street wavers amid concerns about Europe

Wall Street was wavering Monday after Greece admitted that it will miss its deficit targets this year and next, despite its recent austerity measures.

The Dow Jones industrial average sank almost 100 points at the start of trading, but was lately working off that loss and edging higher.

The downbeat news from Greece has raised concerns over plans for another international bailout plan for the debt-ridden nation and raises the possibility of Greece defaulting on its bonds. Euro zone finance ministers will meet in Luxembourg later Monday to discuss the plans to resolve the region’s sovereign debt crisis.

Shares in Europe were down sharply. Major stock market indexes in Germany, France and Spain fell more than 2 percent.

In economic news, investors examined data on manufacturing and construction spending. Also, major automakers are releasing figures on their sales in the U.S. in September.