Investor Concern for Eurozone Brings Stocks Lower
(NEW YORK) — New worries about the shaky financial situation in Europe kept the markets down to end the week. Trading Friday was light ahead of the Memorial Day Weekend.
The Dow closed down 75 points, or 0.6 percent, to 12,455. The Nasdaq lost 2 points to close at 2,838. The S&P gave up three points, closing the week at 1,318.
Reports that Spain’s Catalonia region is having trouble financing itself added to investor worries out the eurozone crisis Friday. Officials in Spain say that the region “will honor all of its financial commitments,” according to The Wall Street Journal.
Still, shares of Bankia — Spain’s largest bank — were suspended for allegedly trading before a meeting to approve a plan to recapitalize, according to WSJ. Madrid, however, has offered up a $24 billion bailout package to Bankia, which would be the largest bank bailout in Spain’s history, WSJ reports.
Meanwhile, the price of oil is holding near the lowest levels of the year at just over $90 a barrel. The decrease has also brought gas prices down in time for the Memorial Day weekend.
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