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News Summary: Wall Street slides on Europe fears

Wednesday, 9 May 2012

News Summary: Wall Street slides on Europe fears
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Published 01:42 p.m., Wednesday, May 9, 2012

OLD EUROPE: Political uncertainty in Europe intensified Wednesday, sending global markets broadly lower. Borrowing rates climbed for Spain and Italy, a sign that investors are losing confidence in those countries' finances. Greece appears unable to form a government because of deep rifts about spending cuts tied to international bailouts. NEW SLUMP: The Dow Jones industrial average fell for a sixth consecutive day, its longest losing streak since August. The average hit a four-year closing high last week, and has declined every day since. COULD BE WORSE: The Dow plunged as much as 184 points before closing down 97 points.
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