U.S. Stocks Take a Nosedive as Euro Worries Rise
Posted on May 20, 2010
The Icelandic volcano isn’t the only problem blowing over from Europe, judging by Thursday’s dismal stock market dive, touched off in part by problems in the euro zone as well as homegrown concerns about the American government’s plans for financial regulation. —KA
The New York Times:
At the close, the Dow Jones industrial average was down 376.36 points, or 3.6 percent, at 10,068.01. The Standard & Poor’s 500-stock index was down 43.46 points, or 3.9 percent, at 1,071.59 and the Nasdaq composite was down 94.36 points, or 4.1 percent, at 2,204.01.
Indexes in Europe and Asia were all lower.
New measures in Germany to ban naked short selling, uncertainty over financial regulation in the United States and persistent Euro zone troubles ganged up with Thursday’s disappointing jobless claims and signs of lagging economic indicators to smother any optimism about corporate results or signs of a recovery that might have lifted sentiment.
AP / Daniel Roland
The sun glints on the euro symbol outside the European Central Bank tower in Frankfurt, Germany.