Tags: dow | stocks | plunge | spain

Dow Plunges On Spain Worries

Monday, 23 Jul 2012 09:53 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
U.S. stocks declined, following a two-week advance in the Standard & Poor’s 500 Index, amid concern Europe’s debt crisis is deepening and after a Chinese central-bank adviser said growth may slow further.

The S&P 500 lost 1.1 percent to 1,347.49 at 9:31 a.m. New York time.

“Nothing is really fixed in Europe,” said John Manley, chief equity strategist for Wells Fargo Advantage Funds in New York. His firm oversees $201 billion. “The Spanish situation is chronic. And it’s not just Spain. This isn’t over.”

Stocks joined a global slump before the arrival in Athens tomorrow of Greece’s troika of international creditors -- the European Commission, the European Central Bank and the International Monetary Fund. In Spain, Catalonia joined a list of regions that may tap aid from the central government. Spain’s 10-year yields surged above 7.5 percent for the first time.

Song Guoqing, an academic member of the People’s Bank of China monetary policy committee, predicted the nation’s expansion may cool to 7.4 percent this quarter.

He also warned that a decline in producer prices in tandem with consumer inflation may hurt investment returns of industrial companies.


© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Oscar de La Renta, Designer for First Ladies, Celebrities, Dies at 82

Monday, 20 Oct 2014 22:01 PM

Oscar de la Renta, the worldly gentleman designer who shaped the wardrobe of socialites, first ladies, and Hollywood sta . . .

CEO of French Oil Giant Total Killed in Moscow Plane Crash

Monday, 20 Oct 2014 22:44 PM

The CEO of French oil company Total, Christophe de Margerie, died in a plane crash at a Moscow airport after his private . . .

Obama to Sharpton: Dems in Key Races Support Me

Monday, 20 Oct 2014 22:31 PM

Some Democrats running for re-election or challenging Republican incumbents in next month's midterm elections have dista . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved