Stocks Drop on Europe Aid Plan

U.S. stocks closed near the lows of the session Monday, after European finance ministers failed to come up with the full amount of money pledged for a bailout fund.  The Dow Jones Industrial Average lost 100.13 points, or 0.84%, to close at 11,766.26. The S&P 500 fell 14.31 points, or 1.17%, to 1,205.35. The Nasdaq Composite fell 32.19 points, or 1.26%, to 2,523.14.

Euro zone ministers agreed on Monday to boost IMF resources by 150 billion euros to ward off the debt crisis and won support for more money from EU allies, but it was unclear if the bloc would reach its 200 billion euro target after Britain bowed out.

The New York Times Co is nearing a sale of 16 regional newspapers spread across the U.S. Southeast and California to Halifax Media Holdings, it said on Monday.

AT&T Inc. said Monday afternoon that it is dropping its bid to acquire T-Mobile USA, after the deal was opposed by federal regulators.

Crude-oil futures closed higher Monday, marking their first gain in four sessions, as investors gauged demand on the back of any potential developments regarding North Korea leader Kim Jong-il’s death and as the chief of the European Central Bank played down its role in tackling the debt crisis.






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