Stocks Sink; Spain Becomes Latest Worry in Europe

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks are closing lower as higher yields on
Spanish bonds brought new worries about Europe's debt crisis.

A stalemate in Congress over cutting the budget deficit also pulled the market lower. Technology stocks sank after NetApp and Applied Materials predicted weaker earnings.

The Dow Jones industrial average dropped 135 points, or 1 percent, to close at 11,771.

The S&P 500 lost 21, or 1.7 percent, to 1,216. The Nasdaq slid 52, or 2 percent, to 2,588.

In Spain, an auction of government bonds left the country paying
interest rates of nearly 7 percent.

Hopes were fading that Congress would meet Nov. 23 deadline for
making deficit cuts.

Four stocks fell for every one that rose on the New York Stock Exchange. Trading volume was below average at 4.3 billion shares.

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

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