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Stocks fall sharply as Europe worries deepen

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By Associated Press

NEW YORK (AP) — Stocks fell sharply in morning trading Tuesday as worries deepened about Europe's debt crisis and the weak U.S. economy. The yield on the 10-year Treasury note fell and gold rose as investors sought safety.

An hour after the opening bell, the Dow was down 274 points, or 2.4 percent, to 10,961. All 30 stocks that make up the Dow average fell.

The S&P 500 lost 30, or 2.6 percent, to 1,143. The Nasdaq composite fell 56, or 2.3 percent, to 2,424.

Bank stocks fell more than the overall market. Federal regulators filed lawsuits late Friday against 17 major banks, saying they sold Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that lost value when the housing market collapsed. Bank of America Corp. lost nearly 6 percent. JPMorgan Chase & Co., Wells Fargo & Co. and Goldman Sachs each fell 3 percent or more.

The losses came after steep declines in European indexes. The Stoxx 600 Europe index fell 4.1 percent on Monday because of concerns that Europe's debt problems could slow growth around the world. The index fell another 1.4 percent Tuesday. U.S. markets were closed Monday for the Labor Day holiday.


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