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.