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Stocks close lower as Europe's debt crisis appears to spread; fears spread about global growth
Europe's widening debt crisis and a weak report on Chinese manufacturers have caused steep losses on Wall Street.
Germany received too few bids to sell all the 10-year debt that it offered at auction Wednesday. The weak buying suggests that the debt crisis is shaking even the region's strongest economy.
Chinese executives reported that that manufacturing there is slowing. Tepid U.S. reports data on unemployment, spending and factory orders offered little support for the market.
The Dow fell 236 points, or 2.1 percent, to close at 11,258. The S&P fell 26, or 2.2 percent, to 1,162. The Nasdaq fell 61, or 2.4 percent, to 2,460.
Seven stocks fell for every one that rose on the New York Stock Exchange. Volume was below average at 3.8 billion shares.