Eurozone worries weigh on US stocks – Channel NewsAsia

 

US stocks fell on Monday as wary markets kept an eye on political changes in Greece and Italy aimed at tackling the eurozone debt crisis.

After two straight winning sessions, the Dow Jones Industrial Average shed 74.70 points (0.61 percent) to finish at 12,078.98.

The broad-based S&P 500 dropped 12.07 points (0.96 percent) to 1,251.78, while the tech-heavy Nasdaq Composite slid 21.53 points (0.80 percent) to 2,657.22.

A crisis atmosphere continued in Europe as Italy again was forced to pay high rates to borrow, despite the resignation of prime minister Silvio Berlusconi.

German Chancellor Angela Merkel said that Europe was in its perhaps “hardest hour” since World War II.

“The uneasiness across the pond comes on a changing political landscape in the eurozone, a mixed debt auction in Italy, and a lackluster read on euro-area industrial production,” Charles Schwab analysts said.

Financials were the worst-performing sector of the session, Briefing.com analysts noted.

Bank of America tumbled 2.6 percent, Citigroup shed 3.2 percent, Goldman Sachs dropped 2.3 percent and JPMorgan Chase lost 2.2 percent.

Tycoon investor Warren Buffett revealed that his Berkshire Hathaway investment firm has bought a 5.5 percent stake in IBM since March worth more than $10 billion.

via Eurozone worries weigh on US stocks – Channel NewsAsia.

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