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Stocks fall in early trading; worries about European banks and US debt limit weigh on markets
NEW YORK (AP) ' Stocks fell at the opening of trading as debt worries continue to hang over markets.
Europe's banking troubles and a debate over lifting the U.S. government's borrowing limit helped drag down stock markets in the U.S., Asia and Europe Monday.
Traders are also keeping watch on negotiations in Washington to raise the U.S. government's debt ceiling. The Treasury Department says the limit must be raised by Aug. 2 or the government risks defaulting on its debt.
The results of stress tests on European banks released Friday did little to reassure investors.
The Dow Jones industrial average is down 76 points, or 0.6 percent, to 12,404 in early trading. The S&P 500 index is down 7, or 0.6 percent, at 1,308. The Nasdaq is down 15, or 0.6 percent, at 2,774.