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Stocks slide ahead of the start of corporate earnings season; Spain's borrowing rates rise
NEW YORK (AP) ¯¯¯ Stocks are trading lower on Wall Street ahead of the beginning U.S. corporate earnings season and as more signs of instability emerge in Europe.
The Dow Jones industrial average slid 65 points to 12,705 just before noon on Monday. The Standard & Poor's 500 index fell six points to 1,348 and the Nasdaq fell 13 points to 2,925.
Investors were nervous ahead of corporate earnings season, which begins when aluminum maker Alcoa reports its second quarter results after the market closes Monday. Corporate profits are expected to be weak because of a slowdown in the global economy.
In Europe, Spain's borrowing costs shot up to 7 percent, a level where Greece, Ireland and Portugal had to ask for help from their lenders.