Stocks in Wall Street Decline Amid Fears About Europe

Stocks on Wall Street finished steeply lower on Wednesday as the financial sector dragged down the broader market (in Europe Francfort dropped 5,13%, París -5,45%, Milán dropped 6,65%, Madrid 5,49%, and Londres 3,05%).

The decline erased a sharp rebound on Tuesday – Wall Street’s biggest one-day jump since 2009 – sparked by the Federal Reserve’s decision to keep interest rates near zero until mid-2013.

The Dow Jones industrial average tumbled 4.6% to 10,720, its lowest level since last fall. The Standard & Poor’s 500 dropped 4.4% to 1,121, and the Nasdaq Composite fell 4.1% to 2,381.

The broad stock market was affected because big countries like France in the heart of Europe might now be called upon to bail out their own banks as well as economies like Spain and Italy.

Source: New York Times / Daily News