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US stocks slide on European concerns

United States America,Business/Economy, Tue, 24 Apr 2012 IANS

New York, April 24 (IANS) US stocks slid Monday as concerns over European situations once again plagued the market.

 

The Dow Jones industrial average lost 102.09 points, or 0.78 percent, to 12,927.17. The Standard & Poor's 500 was down 11.59 points, or 0.84 percent, to 1,366.94. The Nasdaq Composite Index declined 30.00 points, or 1.00 percent, to 2,970.45, Xinhua reported.

 

The latest political development in Europe was the main reason for the sell-off in the market in the absence of key economic data.

 

Dutch Prime Minister Mark Rutte resigned Monday in a crisis over budget cuts, creating a political vacuum in a country which strongly backed an EU fiscal treaty.

 

In France, a Socialist candidate who was against the austerity plan came out on top in the first round of the country's presidential election, underlying the political pressure in European countries on the debt issues.

 

Adding to the pressure, a report from China showed that the country's manufacturing sector was contracting for the second straight month, also raising concerns about an economic slowdown.

 


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