Stocks Are Sliding On Fears About Europe, Other Worries
Stocks fell sharply on Wall Street this morning as traders reacted to word that Europe's debt crisis may be deepening and that China's economy may slow, Bloomberg News says.
The Dow Jones industrial average was down more than 200 points, or a little less than 2 percent, after an hour of trading. Other indices were also off.
The Wall Street Journal says "fears intensified that Spain could need a bailout and aid for Greece might dry up."
What's more, says Reuters: "There were also worrying signs from U.S. earnings. McDonald's Corp fell 2.3 percent to $89.45 after posting lower-than-expected profit. Its chief executive officer said the results 'reflected the slowing global economy (and) persistent economic headwinds.' "
We'll keep an eye on the market and update as the day continues.
Update at 3:15 p.m. ET. Still Down, But Not As Much:
With about 45 minutes to go in the trading day on Wall Street, the Dow Jones industrial average is now down about 1 percent for the day, or about 135 points. Other indices are also off by about the same percentage.
Update at 12:20 a.m. ET: It's midday and the Dow Jones industrial average is now down about 1.3 percent — 165 points.