NEW YORK (AP) -- Italy’s precarious debt situation is still weighing on financial markets, but a promise from that country to fast-track austerity measures is mitigating the damage.

Stock indexes are bouncing between small gains and losses Tuesday as investors consider the possibility that Italy, Europe’s third-largest economy, could be the next country to need help managing its debt.

The Dow Jones industrial average is up 11 points, or 0.1 percent, at 12,517 in midday trading. The Standard & Poor’s 500 index is up 1, or 0.1 percent, at 1,320. The Nasdaq composite is down 6, or 0.2 percent, at 2,796.

The Italian finance minister said budget cuts that were scheduled for August would be passed by this Sunday. The news sent Milan’s main stock index up 1.2 percent.