Markets slide Friday

May 18, 2012 at 6:00 PM
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NEW YORK, May 18 (UPI) -- U.S. stock indexes slipped Friday as excitement over Facebook's initial public offering did not overcome worries over finances in Europe.

In Athens, Alexis Tsipras the leader of the Synaspismos party and head of the Coalition of the Radical Left is maintaining a staunch anti-austerity budget line, calling for economic stimulus programs coupled with international aid.

The most recent election in Greece, however, failed to result in a coalition government. As such, national elections will be repeated next month.

The concerns outmatched the excitement generated by Facebook in its initial public offering, which raised $16 billion with a sale of at least 421 million shares. That put the social Web sites value at about $104 billion.

By close of trading on Wall Street, the Dow Jones industrial average lost 73.11 points or 0.59 percent to 12,369.38. The tech-heavy Nasdaq composite index lost 34.90 points, 1.24 percent, to 2,778.79. The Standard and Poor's 500 gave up 9.64 points, 0.74 percent, to 1,295.22.

The benchmark 10-year treasury note was yielding 1.723 percent.

The euro rose $1.2779 from Thursday's $1.2698. Against the yen, the dollar fell to 79.02 yen from Thursday's 79.28 yen.

In Tokyo, the Nikkei 225 index lost 2.99 percent, 265.28, to 8,611.31.

In London, the FTSE 100 index dropped 1.33 percent, 70.76, to 5,267.62.

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