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The New York TimesStocks on Wall Street took a tumble on Monday, following Asian and European markets lower, as concerns about the euro zone debt crisis continued to overwhelm investors around the world.
Monday’s weak start in the financial markets reflected a series of blows, with a hangover of disappointing economic news from the United States over jobs data and debt talks last week, along with lingering worries as European officials met in Brussels to discuss fiscal troubles in the euro zone.
After weeks of uncertainty related to bailouts for Greece, the Italian authorities moved to rein in short-selling on the Milan stock exchange as fears mounted that Italy could become the next victim of the sovereign debt crisis.
At noon, the Dow Jones industrial average was down 144.48 points, or about 1.14 percent, to 12,512.72. The broader Standard & Poor’s 500-stock index fell 20.95 points, or 1.56 percent. The Nasdaq composite, heavy with technology shares, lost 46.43 points, or 1.62 percent. “There is so much going on in the world that you almost need a scorecard to keep up,” Kevin H. Giddis, the executive managing director and president for fixed-income capital markets at Morgan Keegan & Company, wrote in a research note. “Domestically, we have the debt ceiling, the budget, the economy, jobs, inflation and taxes. Internationally, we have Greece, Italy, the E.C.B., China and a potential contagion,” he said, referring to the European Central Bank.
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http://www.nytimes.com/2011/07/12/business/daily-stock-market-activity.html