Stocks Sink, Pushing S&P to a New Low for the Year

By: Associated Press
By: Associated Press

New York, NY (AP) - The latest setback in Europe's financial crisis is sending stocks sharply lower. The S&P 500, the benchmark for most U.S. stock funds, slumped to its lowest level of the year.

Markets fell worldwide after Greece said it will miss deficit reduction targets it agreed to as part of its bailout deal. Concerns Greece is closer to defaulting on its debt overshadowed a stronger reading on U.S. manufacturing.

The Dow Jones industrial average fell 258 points, or 2.4 percent, to 10,655. The S&P 500 lost 32, or 2.8 percent, to 1,099. The Nasdaq composite plunged 80, or 3.3 percent, to 2,336.

Nine stocks fell for every one that rose on the New York Stock Exchange. Volume was heavy at 5.8 billion shares.

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  • by Anonymous on Oct 3, 2011 at 07:48 PM
    Have you looked lately at what the value is supposed to be in your 200.5k (wish for)retirement savings? Sure seems odd that there is not more news about how this is [or is not] affecting the millionairs and billionaires.
  • by dog Location: gone on Oct 3, 2011 at 03:27 PM
    The U.S. did NOT spread SOCIALISM to Europe. Spending money you don't have is the problem. CAIN 2012.
    • reply
      by Gerry on Oct 4, 2011 at 12:11 AM in reply to dog
      I don't think you know what socialism is. Also, because I don't think Glenn Beck told you, I don't think you know that socialism is not prohibited under the US Constitution. Also neither free enterprise nor capitalism is enshrined or enmbedded in the US Constitution. The voters of the US, if they choose, can change the economic system of the US at the ballot box.
      • reply
        by What??? on Oct 4, 2011 at 09:15 AM in reply to Gerry
        Gerry- Are you in favor of socialism instead of capitalism for the United States??? What is your definition of socialism???
        • reply
          by Gerry on Oct 4, 2011 at 10:33 AM in reply to What???
          Socialism is an economic system in which the means of production are owned in common.
  • by Billy Location: Thomasville on Oct 3, 2011 at 02:49 PM
    We've been in serious trouble since roughly 2006. Caused by a huge drop in oversight/regulation. I hope we never go back to those days of letting the greed and theft by the financial industry run amok. The U.S. and the world are still feeling the effects and what we spread to the rest of the world is coming back to haunt us. "What comes around goes around".
    • reply
      by Anonymous on Oct 3, 2011 at 04:38 PM in reply to Billy
      You mean 'What Goes Around Comes Around"?
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