May 24, 2013
Global stocks drop as Spain fears persist
Wall Street stocks fell on Tuesday, hit by signs the euro zone crisis is worsening and evidence that Europe's slowdown is hurting US companies, including bellwether UPS.
The Dow Jones industrial average was down 104.14 points, or 0.82 percent, at 12,617.32. The Standard & Poor's 500 Index was down 12.21 points, or 0.90 percent, at 1,338.31. The Nasdaq Composite Index was down 27.16 points, or 0.94 percent, at 2,862.99.
European shares fell, extending the previous session's steep losses in choppy trade as investors grappled with fears Spain may require a full sovereign bailout.
The FTSEurofirst 300 closed down 0.6 percent at 1,018.61, having sunk 2.4 percent on Monday on heightened worries over Spain after press reports indicated more of its regional governments could follow Valencia in requesting aid.
In Asia, Nikkei share average held at a six-week low, although improved China data helped pare early losses triggered by fears that Spain may need a financial bailout. The Nikkei closed down 0.2 percent at 8,488.09 , and is nearing its June 4 six-month low of 8,295.63. The broader Topix index closed 0.4 percent lower at 717.67, and has now fallen in 12 of the past 13 sessions.