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New York Stock Exchange dropped for fear of crisis in Europe
The top European shares suffered a sharp fall on Monday, with losses of more than 3%, compared to the persistent uncertainty about the future of the euro area. The New York Stock Exchange ended sharply lower on Monday after profit-taking last week’s rise and waiting for clarifying details of the measures out of the crisis in Europe, the Dow gave up 2.25% and the NASDAQ 1.94%. According to final figures from closing, the Dow Jones Industrial Average gave up 276.10 points at 11,955.01 and the Nasdaq 52.74 to 2684.41. The broader Standard & Poor’s 500 most representative of the general market trend yielded 2.47% or 31.78 points to 1253.31. Much of the retreat is explained “by profit-taking after the sharp rise in the last two weeks,” says Michael James of Wedbush Securities.
EU leaders approved a plan against the crisis of the euro based on three pillars: a bank recapitalization of 100,000 million Euros, down the debt of 50 percent Greek and strengthening the European bailout fund to one billion Euros. Early this morning, European markets reacted pessimistically to the “rumor that the new president of the European Central Bank (ECB), Mario Draghi, was to suspend the purchase of bonds peripherals, and this has led to the rise in spreads Spain and Italy, “said the deputy director of the Bureau of Savings Corporation debt, Javier Casal.”After not only been denied, but the ECB has bought Italian and Spanish bonds to stem the rise in yields,” but the distrust of investors has made it impossible for the differential levels return to the previous day, he said.