Stocks fall again as Europe’s debt worries deepen
Tuesday, September 6, 2011
NEW YORK (AP) — Europe’s debt problems rumbled through global financial markets again Tuesday.
U.S. stocks fell sharply in early trading when it appeared that European markets were heading for a second straight day of deep losses. The Dow Jones industrial average lost as many as 307 points by 10:45 a.m. Late-day recoveries in both the U.S. and Europe left indexes with relatively modest losses. The Dow ended down 101 points.
Europe’s debt problems, which have simmered for more than a year, are deepening. Bailouts for Ireland and Greece have not quelled fears that either country will default on its loans, an event that could lead to the collapse of the euro.
The concerns about Europe and the US economy bolstered the prices of assets that traders see as more likely to hold their value during a weak economy. The yield on the 10-year Treasury note fell to 1.97 percent, one of the lowest rates since the Federal Reserve Bank of St. Louis began keeping daily records in 1962.
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