US stocks slide early Monday on European economic tremors
April 23, 2012 9:04AM
In an April 16, 2012 photo specialists Patrick King, left, and Frank Babino work on the floor of the New York Stock Exchange. Wall Street appeared headed for a lower opening Monday April 23, 2011, with Dow Jones industrial futures down 0.9 percent and S&P 500 futures 1 percent lower. (AP Photo/Richard Drew)
NEW YORK (AP) — Stocks are opening sharply lower with new worries about Europe’s health.
Reports out of Europe Monday showed government debt continues to pile up despite severe budget cuts that have led to unrest across the continent.
The Dow Jones industrial average is down 126 points to 12,903 minutes after the opening bell.
The Standard & Poor’s 500 index is down 15 points to 1,363. The Nasdaq composite is down 33 points at 2,966.
Europe’s major indexes fell hard. France’s CAC-40 index dropped 2.4 percent. Germany’s main index fell even more, 3 percent. The euro fell against the dollar.
Trouble in Europe is affecting Kellogg, which slashed its 2012 forecast, blaming weak sales. Hasbro posted a first-quarter loss on falling sales and costs related to cutting jobs.