As Euro Woes Resurface, Stocks Tumble
Originally published on Fox Business.
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The Nasdaq took its biggest dive in four months, while the more balanced S&P 500 fell by the widest margin since early March, as worries about Europe's debt crisis flared up and traders grappled with the specter of the Fed not taking on another round of asset buying.
As of 12:00 p.m. ET, the Dow Jones Industrial Average slid 145 points, or 1.1%, to 13055, the S&P 500 slumped 15.5 points, or 1.1%, to 1398 and the Nasdaq Composite dropped 51.5 points, or 1.7%, to 3062. Financial, basic materials, energy and technology shares took the steepest losses, while consumer staples actually managed to eke out a modest gain. Indeed, the five biggest blue-chip laggards were: Bank of America (BAC: 9.20, -0.30, -3.11%), JPMorgan Chase (JPM: 44.16, -1.26, -2.77%), Alcoa (AA: 9.80, -0.26, -2.53%), Microsoft (MSFT: 31.21, -0.73, -2.29%) and Chevron (CVX: 105.64, -1.50, -1.40%). On the other side of the spectrum, AT&T (T: 31.60, +0.18, +0.56%), Verizon Communications, Procter & Gamble (PG: 67.30, +0.21, +0.31%) and Merck (MRK: 38.81, +0.09, +0.22%) were slightly to the upside.
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