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STOCKS fall sharply as Europe worries deepen – AP

September 6, 2011

Stocks fall sharply as Europe worries deepen

By DAVID K. RANDALL, AP Business Writer – 5 hours ago

NEW YORK (AP) — Stocks fell sharply Tuesday as worries deepened about Europe’s debt crisis and the weak U.S. economy. The yield on the 10-year Treasury note traded below 2 percent as investors sought safety.

The Dow Jones Industrial average fell 190 points, or 1.7 percent, to 11,050 at 12:30 p.m. It had been down as many as 307 points earlier. Pfizer Inc. was the only one of the 30 stocks in the average that rose.

The S&P 500 lost 19, or 1.6 percent, to 1,155. The Nasdaq composite fell 37, or 1.5 percent, to 2,443.

The losses came after steep declines in European markets. The Stoxx 600 Europe index lost 4.1 percent Monday, while U.S. markets were closed for Labor Day, on concerns that Europe’s debt problems could slow economic growth around the world. The index fell another 0.7 percent Tuesday.

“Everyone is coming back from their vacations and selling first and asking questions later,” said Mark Lehmann, president of JMP Securities.

September is historically the worst month for the stock market. Traders expect the trend to hold true this year as uncertainty continues over Europe’s debt crisis and the stagnating U.S. economy. The U.S. government reported Friday that there was no job growth last month. It was the worst reading on jobs since September 2010.

via The Associated Press: Stocks fall sharply as Europe worries deepen.

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