Fresh Eurozone Worries Send Markets Tumbling | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

    Fresh Eurozone Worries Send Markets Tumbling

    The situation in Europe has the markets worried today. At one point, the Dow Jones was down 353 points, while the Standard & Poor's shed 3 percent and the Nasdaq wasn't far behind with a 2.9 percent loss.

    What set the market skidding? The Wall Street Journal pins the blame on three things: Worries of a Greek default, the resignation of a European Central Bank board member and worries about President Obama's just-announced jobs plan.

    The paper reports:

    The increasing possibility of a Greek default sent stocks to fresh session lows. Investors worry that a default is becoming a more likely scenario. The fear of how markets and the global economy would react to such a issues is one of the big issues weighing on investor sentiment.

    "People are definitely spooked because you're never quite sure what the secondary effects are going to be," said Ben Halliburton, chief investment officer at Tradition Capital Management. "It's impossible to say until it actually happens."

    One analyst Bloomberg spoke to concurs:

    "There's that nagging thought that we can continue to have a downward spiral in Europe," James Dunigan, chief investment officer in Philadelphia for PNC Wealth Management, said in a telephone interview. The firm oversees $109 billion. "There's concern of a default, of risk in banks, of a liquidity crisis. In the U.S., even as President Obama made an effort to put that plan together, there's not a whole lot of confidence that Congress will pass."

    The euro also had a tough time today, dropping 3.8 percent against the dollar.

    Update at 4:51 p.m. ET. Stocks Close Lower:

    The Dow, Nasdaq and the S&P closed almost 3 percent down.

    Copyright 2011 National Public Radio. To see more, visit http://www.npr.org/.

    NPR

    From The Ivy League To 'The X-Files': David Duchovny's Big Break

    Before he became Fox Mulder, Duchovny was working on his Ph.D. in literature at Yale. He was going to be a poet — or maybe a novelist — or maybe a playwright ...
    NPR

    College Life Doesn't Have To Mean Crummy Cuisine, Says Dorm Room Chef

    Sick of dining hall pizza, public health student Emily Hu taught herself how to cook — even with no oven. Now she's hoping to inspire her peers to pick up cooking skills and healthier eating habits.
    NPR

    For Colorado's Undocumented, The Wait At The DMV Just Got Longer

    Last year, the state became the 10th to offer driver's licenses to undocumented immigrants. This year, Colorado Republicans made it virtually impossible for those immigrants to get a slot at the DMV.
    NPR

    In Sweden, Remote-Control Airport Is A Reality

    Sweden is the first country in the world to use new technology to land passenger airplanes remotely. At an airport in a tiny town, flights are guided by operators sitting miles away.

    Leave a Comment

    Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.