Investor Anxieties over Europe Push Stocks Lower
(NEW YORK) -- Wednesday was a rough day for the markets with new worries about Europe's financial problems pushing stocks into negative territory.
The Dow lost 160.83 points Wednesday to 12,219.86.
The Nasdaq gave up 33.63 points, closing at 2,837.36. The S&P closed down at 1,313.32 -- a loss of 19.10 points for the trading session.
The European Commission says confidence across the continent has fallen sharply this month, particularly in Spain, where bank deposits have dropped significantly.
Facebook stock took another hit Wednesday. The tech company’s stock closed at $28.19, a new post-IPO low. The stock is down nearly 12 percent in the two trading days this week. It’s down nearly 26 percent from the IPO price of $38. Mark Zuckerberg is about $5 billion poorer than he was the day the stock went public.
Meanwhile, oil closed at $87.82 in New York trading Wednesday, the lowest close since October last year. There may be a slight silver lining, though, as gas prices will also be lower this summer freeing up some extra cash for consumers. That said, if job and GDP growth truly stall, any positive effects of low gas prices won’t matter.
As for American job growth, the Labor Department says the jobless rate fell in almost all large U.S. cities in April, aided by summer hiring on farms and in tourist destinations.
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