US stocks continue downward trend

April 11th, 2012 - 3:20 am ICT by IANS  

New York, April 11 (IANS) US stocks continued the downward trend Tuesday as concerns over European debt problems resurfaced amid rising borrowing costs in Spain and Italy.

US stocks logged four consecutive losing sessions as job data in March was worse than expected, Xinhua reported.

Adding to the negative tone, yields on Spain’s 10-year bonds hovered just under 6 percent, the highest level in more than three months, even as the government was pushing through much stricter austerity measures.

Meanwhile, the yields in Italy rose as well, reminding investors that the problems in Europe were far from over.

Investors were waiting for a new earnings season which will officially kick off as Alcoa, world’s leading aluminum producer, releases its results after the market closed.

In midday trading, the Dow Jones industrial average lost 149.06 points, or 1.15 percent, to 12,780.53. The Standard & Poor’s 500 was down 17.54 points, or 1.27 percent, to 1,364.66. The Nasdaq Composite Index fell 40.69 points, or 1.34 percent, to 3,006.39.

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