Stocks slide further on Greek forebodings
Specialist Peter Giacchi, foreground, watches stock movement Tuesday on the floor of the New York Stock Exchange. The Dow fell 156.06 points Thursday to close at 12,442.49 amid investors' escalating worries about a possible exit from the euro by Greece. (May 15, 2010) Credit: AP
The Dow Jones industrial average posted its 11th loss in 12 days after a pair of discouraging economic reports unnerved investors already worried about a possible exit from the euro by Greece.
The Dow lost 156.06 points Thursday to close at 12,442.49. It's now down 6 percent for the month so far and could be headed for its first losing month since September. The two-week slump represents a sharp turn downward since May 1, when the index closed at a four-year high.
The slide, largely due to escalating worries about a breakup of the European currency union, has stripped the Dow of much of this year's gains.
"Europe is very much on investors' minds," said Brian Gendreau, market strategist at broker-dealer Cetera Financial Group. "It's been two years with multiple bailouts involving Ireland, Portugal and Greece and things don't seem to be getting better."
The dollar, Treasury prices and gold all rose as traders sought refuge in lower-risk assets. The yield on the 10-year Treasury note plunged to 1.70 percent, the lowest level of the year.
In other trading, the Standard & Poor's 500 index fell 1.51 percent to 1,304.86, its lowest close since Jan. 17. The Nasdaq composite fell 2.10 percent to 2,813.69.
'We have to do better' Newsday high school sports editor Gregg Sarra talks about a bench-clearing, parent-involved incident at a Half Hollow Hills West basketball game.
'We have to do better' Newsday high school sports editor Gregg Sarra talks about a bench-clearing, parent-involved incident at a Half Hollow Hills West basketball game.
