U.S, Stocks Fall as Europe Doubts Bubble to Surface

By: Associated Press
By: Associated Press

New York, NY (AP) - U.S. stocks are closing lower as fears about European debt play havoc with Wall Street.

Stocks fell sharply Wednesday as borrowing rates climbed for Spain and Italy, a sign that investors are losing faith in the nations' finances.

Traders are concerned that political upheaval in Europe might disrupt plans to stem the debt crisis with government spending cuts and international bailouts.

The Dow Jones industrial average closed down 97 points at 12,835. It was the Dow's sixth straight decline, the longest slump since August.

The Standard & Poor's 500 index was down nine points at 1,355. The Nasdaq composite average was down 12 at 2,935.

About two stocks fell for every one that rose on the New York Stock Exchange. Volume was just above average at 4.23 billion shares.

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  • by Terry's on May 9, 2012 at 07:31 PM
    • reply
      by Anonymous on May 9, 2012 at 09:03 PM in reply to Terry's
  • by Anonymous on May 9, 2012 at 02:13 PM
    As of 17:00 ET, May 9, the US borrows for 10 years at 1.82%. Total US national debt on 5/8/12 = $15.686 trillion. On 1/20/09 = $10.627 trillion. On 1/20/01 = $5.728 trillion. Increase in total national debt during Obama's administration = $5.059 trillion. During George W. Bush's administration = $4.899 trillion. Source for debt info = treasurydirect.gov. Greece borrows for 10 years at 23.78%, Portugal at 11.41%, Spain at 6.09%, Italy at 5.77%. The 4 countries just named do not each have their own individual national currency, but rather all use the euro. Greece had an election over the weekend, and since then the cost of the government borrowing for 10 years has risen, 3.04%, i.e., more than a full per cent more than the US pays to borrow for 10 years.
    • reply
      by Anonymous on May 9, 2012 at 02:54 PM in reply to
      Don't you have anything better to do?
    • reply
      by Anonymous on May 9, 2012 at 07:32 PM in reply to
      cannot even spell Jerry correctly
  • by Anonymous on May 9, 2012 at 01:38 PM
    In before fake anonymous.
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