Stocks Slide on News from Europe, Low Earnings Reports
(NEW YORK) — On Monday, stocks fell on worries about data from Europe showing that debt continues to pile up in countries that use the euro despite severe austerity programs.
The Dow lost 102 points to close at 12,927. The Nasdaq closed down 30 points and the S&P lost nearly 12 points.
Trouble in Europe is having a direct effect on Kellogg and crude oil prices. Kellogg slashed its 2012 forecast on poor sales, while its shares also slid. Crude oil dropped to $103 a barrel.
Meanwhile, Facebook profit slipped Monday amid a decline in income along with an upsurge in spending for market research before the social media company’s IPO expected in May.
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