US stocks fall as Ireland seeks bail-outBy DPA, IANS
Monday, November 22, 2010
NEW YORK - US stocks fell and the dollar strengthened as Ireland sought outside help with its debt crisis, sparking fears that other eurozone countries might not be far behind.
Ireland formally asked for help Sunday and was in the process of negotiating terms this week with the European Union and International Monetary Fund. Irish Prime Minister Brian Cowen said he would dissolve Parliament in the New Year.
Ireland became the second country after Greece to seek a bail-out. Markets are also looking warily at Portugal, Spain and Italy.
The blue-chip Dow Jones Industrial Average fell 24.97 points, or 0.22 percent, to 11,178.58. The broader Standard and Poor’s 500 index was down 1.89 points, or 0.16 percent, to 1,197.84. The technology-heavy Nasdaq Composite Index gained 13.9 points, or 0.55 percent, to 2,532.02.
The US currency rose against the euro to 73.41 euro cents from 73.08 euro cents Friday. The dollar fell against the Japanese currency to 83.27 yen from 83.47 yen.