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Stocks sharply lower ahead of earnings season kickoff; European and US economies a concern
NEW YORK (AP) ' Stocks are sinking on fresh fears about the global economy.
The Dow Jones industrial average is down 144 points, or 1.1 percent, at 12,513, in midday trading Monday. The Standard & Poor's 500 index is down 21, or 1.5 percent, at 1,322. The Nasdaq composite is down 48, or 1.7 percent, at 2,811.
Worries about Europe's debt crisis are spreading to Italy and Spain. In the U.S., lawmakers face an Aug. 2 budget deadline to avoid an unprecedented debt default.
The government reported Friday that relatively few jobs were added in June, compounding concerns that the U.S. economy is in bad shape.
Alcoa is down 3 percent ahead of announcing its second-quarter results. The aluminum maker is the first major U.S. company to report earnings.