Stocks Finish Lower on European Debt Concerns
U.S. stocks are ending lower as investors worry that Cyprus could become the next domino to fall in the European debt crisis.
The Dow Jones industrial average closed down 77 points to 12,496 Wednesday.
The Standard & Poor’s 500 is down nine to 1,315. The Nasdaq composite index is down 24 to 2,819.
Borrowing costs in Spain and Italy rose, which means investors are worried that those countries won’t be able to pay back their debt. The finance minister of Cyprus said his country may seek its own bailout. Over the weekend, a weakened Spain was forced to seek help from Europe for its hobbled banks.
On the New York Stock Exchange, about two stocks fell for every one that rose. Trading volume was light at 3.4 billion shares.
(Copyright 2012 by The Associated Press. All Rights Reserved.)