NEW YORK: US stocks slumped, sending the Standard & Poor’s 500 Index down for a third straight day, amid concern Europe’s debt crisis is worsening.
More than three stocks fell for each rising on U.S. exchanges at 4 p.m. New York time. The S&P 500 slipped 0.9% to 1,338.31, paring a loss of 1.6 percent. The benchmark measure decreased 2.8 percent in three days.
The Dow Jones Industrial Average lost 104.14 points, or 0.8% to 12,617.32. Volume for exchange-listed stocks in the US was 6.8 billion shares, or about in line with the three-month average.
“It’s far from over,” said Paul Zemsky, the New York- based head of asset allocation for ING Investment Management. His firm oversees US$160 billion.
Equities slumped as Moody’s Investors Service cut the outlooks of Germany, the Netherlands and Luxembourg.
A Reuters report citing European Union officials said Greece was seen missing targets for reducing debt. German Vice Chancellor Philipp Roesler said over the weekend that Greece was unlikely to be able to meet its obligations under a bailout program. (Bloomberg/tw)
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