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Wall Street continues decline on European debt crisis concerns


http://en.youth.cn   2010-05-06 15:40:00

Wall Street fell on Wednesday despite job market showed slow but steady improvement, as investors continued to focus on the sovereign debt problems in Greece and other European countries.

Wall Street suffered its biggest losses in months on Tuesday, with all three major indexes plunging more than 2 percent, as intensifying European sovereign debt fears stirred severe sell-off.

Investors were keeping a close watch on Greece Wednesday as three people reported to have died during the strike over deep spending cuts and new taxes aimed at staving off economic collapse.

About 40 people were injured, most of them are policemen and citizens and 20 suspects for causing damages were arrested, according to the latest information.

German Chancellor Angela Merkel on Wednesday urged lawmakers in Berlin to rush the approval of Germany's 29.3 billion dollars rescue program for Greece. Analysts say delays could bring more upheaval to global markets.

Meanwhile, Moody's Investors Service put Portugal on review for a possible downgrade, saying it could cut Portugal's credit rating two notches in the next three months.

The Downward trend continued on Wednesday even after data showed private sector added more jobs than economists expected.

According to a report by payrolls processor ADP Employer Services, U.S. private employers added 32,000 jobs in April while revision to previous data showed an unexpected jump in March.

The Institute for Supply Management said the pace of growth in the U.S. services sector, which accounts for some two-thirds of U. S. economic activity, was unchanged in April compared with March.

The Dow Jones industrial average was down 59.94 points, or 0.55 percent, to 10,866.83. The Standard & Poor's 500 index fell 7.71 points, or 0.66 percent, to 1,165.89. The Nasdaq composite index gave up 21.96 points, or 0.91 percent, at 2,402.29.

 
source : SRC-16525     editor:: Isabella
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