US stocks weighed down by financials, euro concerns
By DPA, IANSMonday, September 27, 2010
NEW YORK - Major US stock indices fell Monday on the back of a poor showing for financial firms and fresh concerns over Europe’s most indebted governments.
Bank of America led the drop in US banks with a nearly 3 percent selloff. Investors were spooked as yields spreads rose to record highs for Ireland and Portugal.
The blue-chip Dow Jones Industrial Average fell 48.22 points, or 0.44 percent, to 10,812.04. The broader Standard and Poor’s 500 Index was down 6.51 points, or 0.57 percent, to 1,142.16. The technology-heavy Nasdaq Composite Index dropped 11.45 points, or 0.48 percent, to 2,369.77.
The US currency rose to 74.37 euro cents from 74.11 euro cents Friday. The dollar climbed against the Japanese currency to 84.31 yen from 84.24 yen.
