Tags: Wall Street

Stocks Plummet as Outlook in Europe Dims

Wednesday, 30 May 2012 09:53 AM

U.S. stocks are opening sharply lower as concerns about the stability of Europe's financial system return to the fore.

The European Union's government said early Wednesday that confidence across that continent fell sharply this month. Traders sold bonds issued by debt-saddled European governments, pushing those nations' borrowing costs higher.

Rising demand for safe investments pushed the yield on the 10-year Treasury note to a record low as trading began in New York. The yield fell to 1.65 percent from 1.74 percent late Tuesday.

The Dow fell 113 points to 12,467 in the first ten minutes of trading. The S&P 500 index fell 13 to 1,319. The Nasadaq composite index dropped 33 to 2,838.

Heavy equipment maker Caterpilar led the Dow lower on fears that overseas demand will dry up.

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