Europe Still Weighing Heavily on U.S. Stock Market

The stock market is closing lower on fresh concerns about the debt crisis in Europe.

The Dow Jones industrial average fell 83 points to close at 13,033 Wednesday. The broader Standard & Poor's 500 lost six points to end at 1,385. The Nasdaq composite index fell 11 points to 3,031.

Investors were unnerved after Spain reported that the proportion of bad loans at its banks rose to an 18-year high. That was a reversal from the day before, when Spain's successful auction of 2-year bonds pushed markets up.

For every stock that advanced on the New York Stock Exchange, another two fell. Volume was light at 3.4 billion shares.

First-quarter earnings reports also weighed on the market. Intel and IBM fell because analysts were disappointed by flat revenue.