Stocks Decline Sharply on Euro Zone Concerns

U.S. stocks closed steeply lower on Monday ,  as Europe’s aid package for Spanish banks did little to alleviate investor concerns about the euro zone’s finances and the slowdown in the global economy. The Dow Jones Industrial Average fell 142.97 points, or 1.14%, to 12,411.23. The S&P 500 Index shed 16.73 points, or 1.26%, to 1,308.93. The Nasdaq Composite declined 48.69 points, or 1.70%, to 2,809.73.

Spanish mid-sized Banco Sabadell and Banco Popular said on Monday they did not plan to tap EU loans of up to 100 billion euros agreed on this weekend and insisted they were not part of a group of Spanish banks that needed to be rescued.

U.S. private equity investments outperformed the stock market in 2011 and distributions to investors reached a record as fund managers seized on an opportunity to sell long-held assets, market research firm Cambridge Associates LLC said on Monday. The Cambridge Associates LLC U.S. Private Equity Index returned 10.9 percent in 2011, compared to 8.4 percent for the Dow Jones Industrial Average and 2.1 percent for the S&P 500, according to data provided by Cambridge.

Oil fell Monday on the realization that a short-term fix in Spain won’t offer a long-term solution to Europe’s debt crisis. Benchmark oil fell $1.40 to $82.70 per barrel in New York. Brent crude, which is used to price international varieties of oil, dropped 81 cents to $98.66 per barrel in London.

About the Author

has written 14460 stories on this site.

Copyright © 2012 Nine Stocks