Big sell-off at end of day crushes stocks
UPDATED at 4:25 p.m.:
Stocks experienced a bad sell-off in the final moments of trading today, as Wall Street got spooked again over European debt, this time because the Spanish government took over a failing bank.
The Dow closed down 1.2 percent at 10,066.65, coming perilously close to the psychologically important 10,000 barrier.
The Dow is now down 8.6 percent for May and down 3.5 percent for the year.
The broader S&P 500 closed down 1.3 percent at 1,073.65 , nearing its resistance level, or comfortable floor, of 1,060.
The tech-heavy Nasdaq fared a little better, losing only seven-tenths of 1 percent on the day, closing at 2,213.55.
The big culprit in today's sell-off were financials.
Oil closed up slightly, topping $70 per barrel.
Stocks trim losses in mid-day trading
12:05 p.m.: Stocks are working to gain back some of their losses from opening but haven't quite gotten there at mid-day.
The Dow is off its lows but still down two-tenths of 1 percent.
The broader S&P 500 has pulled back to even on the day.
It's a better day for tech stocks. The tech-heavy Nasdaq is up four-tenths of 1 percent.
Stocks appear to have taken some cheer from this morning's good existing-housing sales news.
Stocks were mixed in Europe on a quiet day of trading today. London's FTSE closed up one-tenth of 1 percent.
Germany's DAX was down four-tenths of 1 percent.
France's CAC 40 finished even.
Stocks dive at opening
10:08 a.m.: Stocks are taking a dive at opening, erasing some of their Friday gains.
In the first 20 minutes of trading, the Dow is down nine-tenths of 1 percent.
The broader S&P 500 is down seven-tenths of 1 percent and the tech-heavy Nasdaq is down one-tenth of 1 percent.
It's a big week for U.S. economic data, starting with existing home sales, due out momentarily. Later this week, we'll get a revision of first-quarter GDP, consumer spending and durable goods orders. These will help tell us about the ongoing health of the U.S. economic recovery and then we'll find out whether the U.S. recovery is strong enough to overcome growing European problems.
May 24, 2010; 4:25 PM ET
Categories: Wall Street
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