16 Nov '11, 10pm

US stocks skid on Europe rough patch

US stocks skid on Europe rough patch

NEW YORK: US stocks sank on Wednesday on fears that the eurozone debt crisis is spreading and after Fitch Ratings warned that US banks could be hit hard if it does. The Dow Jones Industrial Average tumbled 190.57 points (1.58 percent) to finish at 11,905.59. The broad-based S&P 500 fell 20.90 points (1.66 percent) to 1,236.91, while the tech-heavy Nasdaq Composite lost 46.59 points (1.73 percent) to 2,639.61. "In late-session trading, Fitch Ratings added fuel to the bearish fire, after the agency cautioned that the credit outlook for US banks could worsen if the eurozone debt dilemma isn't solved sooner rather than later," said Andrea Kramer at Schaeffer's Investment Research. Fitch said that contagion effects were "potentially large" if contagion spreads beyond Greece, Ireland, Italy, Portugal, and Spain. Another rating agency, Moody's, downgraded 10 German public-sector ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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