views

Fears over Eurozone debt rock US

US stocks fell yesterday as Germany’s unilateral action to ban specific trades on some stocks and bonds sparked a fresh wave of uncertainty and risk aversion among anxious investors.

Markets already fear the Eurozone’s credit woes could cut into economic growth.

But not all the news was bad, as the broad S&P 500 bounced off technical support, setting a floor under its recent drop.

The Dow Jones industrial average slid 66.58 points, or 0.63 per cent, to 10,444.37. The Standard & Poor's 500 Index fell 5.75 points, or 0.51 per cent, to 1,115.05. The Nasdaq Composite Index lost 18.89 points, or 0.82 per cent, to 2,298.37.

Declining stocks outnumbered advancing ones on the New York Stock Exchange by about four to one, while on the Nasdaq, about seven stocks fell for every two that rose.