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Stocks stumble on European concerns

July 23, 2012 at 4:55 PM   |   Comments

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NEW YORK, July 23 (UPI) -- U.S. stocks skidded on Wall Street Monday as financial troubles in Europe undercut investor confidence.

Stock indexes fell in Asia and Europe as benchmark 10-year Spanish bonds topped 7.5 percent Monday after the country's parliament passed a massive spending cut bill on Friday that included raising the sales tax to 21 percent. The news could mean that Spain will need more international aid above and beyond the $122 billion international bailout set up for Spanish banks.

The so-called troika -- the European Commission, the European Central Bank and the International Monetary Fund -- is sending an auditing team to Athens to ensure Greece is in compliance with terms of its aid package. The ECB last week said it would not lend money to Greek banks until the audit was complete.

By close of trading on Wall Street, the Dow Jones industrial average lost 101.11 points or 0.79 percent to 12,721.46. The Standard & Poor's 500 index lost 12.14 points or 0.89 percent to 1,350.52. Tech-heavy Nasdaq composite index gave up 35.15 points or 1.2 percent to 2,890.15.

On the New York Stock Exchange, 728 stocks advanced and 2,332 declined on a volume of 3.4 billion shares traded.

The benchmark 10-year treasury note gained 7/32 to yield 1.44 percent.

The euro fell to $1.2138 from Friday's $1.2158. Against the yen, the dollar fell to 78.40 yen from 78.48 yen.

In Tokyo, the Nikkei 225 index lost 1.86 percent, 161.55, to 8,508.32.

In London, the FTSE 100 index fell 2.09 percent, 117.90, to 5,533.87.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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