European fiscal worries push US stocks down

US STOCKS closed lower for a third straight day yesterday as Europe’s fiscal woes and a weak start to tech earnings gave investors little reason to buy even after the recent losses.

Moody’s downgrade of Ireland’s credit rating late in the session provided the latest jolt to stock investors, reminding them of the scope of Europe’s debt problems. On Monday, stocks posted their worst day in a month.

The Dow Jones industrial average fell 58.88 points, or 0.47 per cent, to 12,446.88 at the close. The Standard & Poor’s 500 Index shed 5.85 points, or 0.44 per cent, to 1,313.64. The Nasdaq Composite Index dropped 20.71 points, or 0.74 per cent, to 2,781.91.