US Stocks Slide On Global Economic Worries

by Daniel Wagner
Thursday Jul 12, 2012
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U.S. stocks are falling as fear simmers about Europe’s debt crisis and the pace of global growth.

Spain’s borrowing costs rose Thursday, signaling investors’ concern that it may default. Spain’s neighbors are rescuing its banks, but the government itself was not bailed out and bond investors are not satisfied. Stocks in Spain plunged.

Greece said unemployment there continues to rise and hit 22.5 percent in April. Traders also are concerned that Chinese growth is slowing, depriving the world of a crucial economic engine.

Stocks fell despite a U.S. government report new claims for unemployment benefits fell steeply last week.

The Dow is down 104 points at 12,501 in the first fifteen minutes of trading. The S&P 500 is down 14 at 1,328. The Nasdaq composite is down 38 at 2,850.

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