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US stocks fall despite victory of pro-Europe party in Greek elections; debt crisis festers
U.S. stocks are falling after the opening bell as Europe's debt crisis roils markets despite the victory of a pro-Europe party in Greek elections.
Spanish borrowing rates spiked Monday above levels that forced other countries to take bailouts. That means bond investors fear that Spain will default on its debts.
Greek voters elected a party that wants to continue a regime of international bailouts that hinge on painful budget cuts. A Greek exit from the euro appears less likely as a result. Avoiding that disastrous outcome failed to comfort traders eager for a more permanent resolution to the crisis.
The Dow is down 50 points at 12,717 in the first ten minutes of trading. The S&P 500 is off five at 1,337. The Nasdaq is down 11 at 2,861.