US Stocks Tumble On Greece Concerns |
| Wall Street Journal - May 8, 2012 |
Global worries about heightened political turmoil in Greece sent the Standard & Poor's 500-stock index to a two-month low as investors shrugged off a rise in U.S. small-business confidence.
The benchmark shed 15 points, or 1.1%, to 1354 in early-afternoon trade, falling for the fourth day in five. Consumer discretionary and energy led declines across all of the index's 10 sectors.
Index component Fossil plunged 37% after the watch company cut its 2012 financial targets and reported lower-than-expected first-quarter sales amid soft European demand.
The Dow Jones Industrial Average fell 133 points, or 1%, to 12875, extending its slide into a fifth-straight day. The Nasdaq Composite lost 36 points, or 1.2%, to 2919, after touching its lowest intraday level since February.
Talks to form a new a cross-party coalition government in Greece collapsed Monday, meaning new elections may have be held. That raised fears that the country may not be able to meet the terms of the bailout. European markets were broadly lower, with the Stoxx Europe 600 down 1.7%.
Read Full Article from Wall Street Journal
- Posted: 2012-05-08 12:01:44
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