US stocks skidded Monday amid a global sell-off on renewed eurozone sovereign debt concerns that Spain was headed for a bailout and Greece could exit the eurozone.
Spain’s borrowing costs struck highs considered unsustainable, sparking fears that the eurozone’s fourth-largest economy may require a bailout.
“Fears that Spain would need a full-scale bailout were renewed on reports that regional governments were preparing to request financial aid from Madrid,” said analysts at Wells Fargo Advisors.
Meanwhile, there was rising speculation that debt-stricken Greece may leave the eurozone.
Stocks were mired in red from the opening bell, tracking declines in European markets.
The Dow Jones Industrial Average was down 101.03 points, or 0.79 percent, to 12,721.54 in closing trade, recovering from a loss of over 200 points.
The S&P 500, a broad measure of the markets, fell 12.33 points (0.90 percent) to 1,350.33.
The tech-rich Nasdaq was the worst hit, diving 35.15 points (1.20 percent) to 2,890.15.
Source: http://sg.finance.yahoo.com/news/us-stocks-tumble-eurozone-debt-200502422.html
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