Summary Box: Stocks fall from 2010 highs on concern about debt in Portugal, other countries
By APWednesday, March 24, 2010
Summary Box: Portugal debt woes hit stock market
AN UNWANTED IMPORT: Major stock indexes fell Wednesday, a day after closing at 2010 highs, after Fitch Ratings lowered its rating on Portugal’s debt. That raised concerns that deficits in Portugal and other countries would trip up a global recovery.
DOLLAR SPIKE: The dollar rose to its highest level against the euro in 10 months on concerns that problems in Europe would spread. Investors saw the dollar as a safer asset.
HOUSING SLIDE: The government reported that new home sales fell to a record low in February. Problems in housing are seen as another obstacle to recovery.
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