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NEW YORK, May 30 (UPI) -- U.S. markets closed sharply lower Wednesday, following losses in Asia and Europe. The European Commission issued a report that spelled out the continent's fiscal troubles country by country. There was little new in the report, but investors took heed of a renewed call for Spain to recapitalize banks. The report also made recommendations for relatively strong countries, such as Germany and France, warning of a "spillover" effect from weaker economies.
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By close of trading on Wall Street, the Dow Jones industrial average gave up 160.83 points, or 1.28 percent, to 12,419.86. The Standard & Poor's 500 shed 19.10 points, or 1.43 percent, to 1,313.32. The Nasdaq Composite dropped 33.63 points, 1.17 percent to 2,837.36.
On the New York Stock Exchange, 424 stocks advanced and 2,640 declined on a volume of 3.3 billion shares traded.
The benchmark 10-year treasury note rose 1 6/32 to yield 1.621 percent.
The euro fell to $1.237 from Tuesday's $1.2503. Against the yen, the dollar hit 79.07 from 79.50 yen.
In Tokyo, the Nikkei 225 index dropped 0.28 percent, 23.89 points, to 8,633.76.
In London, the FTSE 100 index lost 1.74 percent, 93.86, to 5,297.28.
