Lack of ECB Bond-buying Plan Sends Stocks Lower

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks are closing sharply lower after the head
of the European Central Bank said there were no plans for
large-scale government bond purchases, as many in the markets had

The ECB president's remarks Thursday sent borrowing costs
soaring for countries with heavy debt burdens.

Bank stocks led the way lower. Morgan Stanley plunged 8 percent.

The Dow Jones industrial average dropped 199 points, or 1.6
percent, to close at 11,998. The drop was the worst in two weeks.

The S&P 500 fell 27, or 2.1 percent, to 1,234. The Nasdaq lost
53, or 2 percent, to 2,596.

More than six stocks fell for every one that rose on the New York Stock Exchange. Trading volume was below average at 4.1 billion.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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