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US stocks fall on resurfacing European concerns
Source: Xinhua |
September 7, 2011, Wednesday
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Online Edition
US stocks rebounded from early lows but still ended in negative territory yesterday as concerns over European debt problems resurfaced in the market.
The decline came after European stock markets suffered sharp drops on Monday, when US market was closed for the Labor Day holiday.
Financial were leading the decliners after the federal housing finance agency filed suits against more than a dozen big banks on Friday, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble.
Investors were reminded that the debt problems in Europe were far from settled and very likely to spread to more countries after negotiations between Greece and international lenders stalled on Friday amid disagreement over the nation's austerity plans.
Meanwhile, there are signs that voters in Germany were more and more frustrated and disappointed in the way the government has handled the European debt crisis. Analysts said that the political measures in Germany may prevent the number one economy from doing more to help other euro zone countries.
The US economic situation is also worrisome. The closely- watched non-farm payrolls report showed on Friday that the US economy added no new jobs in August, which was the worst showing in a year and provided fresh evidence the jobs market was struggling.
The Dow Jones industrial average plunged 100.96 points, or 0.90 percent, to 11,139.30. The Standard & Poor' s 500 tumbled 8.73 points, or 0.74 percent, to 1,165.24. The Nasdaq Composite Index dropped 6.50 points, or 0.26 percent, to 2,473.83.
The decline came after European stock markets suffered sharp drops on Monday, when US market was closed for the Labor Day holiday.
Financial were leading the decliners after the federal housing finance agency filed suits against more than a dozen big banks on Friday, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble.
Investors were reminded that the debt problems in Europe were far from settled and very likely to spread to more countries after negotiations between Greece and international lenders stalled on Friday amid disagreement over the nation's austerity plans.
Meanwhile, there are signs that voters in Germany were more and more frustrated and disappointed in the way the government has handled the European debt crisis. Analysts said that the political measures in Germany may prevent the number one economy from doing more to help other euro zone countries.
The US economic situation is also worrisome. The closely- watched non-farm payrolls report showed on Friday that the US economy added no new jobs in August, which was the worst showing in a year and provided fresh evidence the jobs market was struggling.
The Dow Jones industrial average plunged 100.96 points, or 0.90 percent, to 11,139.30. The Standard & Poor' s 500 tumbled 8.73 points, or 0.74 percent, to 1,165.24. The Nasdaq Composite Index dropped 6.50 points, or 0.26 percent, to 2,473.83.
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