US stocks slide as crisis in Europe deepens

Friday, July 20, 2012

FILE- In a Tuesday, July 10, 2012, file photo, traders work at the start of early trading at the New York Stock Exchange. U.S. stocks slid for a sixth day Thursday, July 12, 2012, as concern spread that weaker global economic growth and the European debt crisis will hurt U.S. corporate earnings. (AP Photo/Bebeto Matthews, File)

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NEW YORK -- U.S. stocks are closing lower, pushed down by fresh reminders that Europe's debt crisis is far from over.

All three major indexes are down about 1 percent. The Dow Jones industrial average is down 121 points at 12,823. The Standard & Poor's 500 is down 14 at 1,363. The Nasdaq composite index is down 41 to 2,925.

In Spain, the stock market plunged and borrowing costs spiked after a regional government asked for a financial lifeline. The Treasury minister predicted the recession will drag into 2013.

Chipotle plunged 22 percent as analysts worried that the chain's high-powered growth could be slowing. Chip maker Advanced Micro Devices fell 13 percent after reporting lower revenue and earnings.

Roughly two stocks fell for every stock that rose. Volume was average, 3.7 billion shares.

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Tags:

wall street, stocks, business