May 24, 2013
European shares fall on euro zone, US debt worries
US stocks fell for a fourth session on Monday, as the lack of progress in dealing with heavy debt both in the United States and Europe further sapped investor confidence in equities.
The Dow Jones industrial average was down 248.85 points, or 2.11 percent, at 11,547.31. The Standard & Poor's 500 Index was down 22.66 points, or 1.86 percent, at 1,192.99. The Nasdaq Composite Index was down 49.36 points, or 1.92 percent, at 2,523.14.
European shares fell sharply, as a warning on France by credit rating agency Moody's added to investors' worries about the euro zone debt crisis, and a political deadlock threatened to prevent the United States cutting its public spending deficit.
The FTSEurofirst 300 index of top European shares fell 3.3 percent to 919.74 points, the lowest close since Oct. 5. Volumes were low, at 78 percent of the 90-day average.The Nikkei average fell to its lowest closing level since March 2009, with key support looking fragile as newly installed European leaders grapple with sovereign debt woes and as a US bipartisan committee looked set to miss a deficit reduction deadline.
The Nikkei fell 0.3 percent to 8,348.27, within sight of that level, after falling as low as 8,343.93. The broader Topix index lost 0.4 percent to 717.08.