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US stocks dive on Europe fears

NEW YORK : US stocks dropped sharply as markets opened Monday amid fears that Europe 's debt crisis was spreading, wi
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By Shoaib Ur Rehman
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new-york-stockNEW YORK: US stocks dropped sharply as markets opened Monday amid fears that Europe's debt crisis was spreading, with Italy the latest eurozone country to come under pressure.

The Dow Jones Industrial Average fell 111.36 points (0.88 percent) to 12,545.84 in the first five minutes of trading.

The broader S&P 500 shed 14.45 points (1.08 percent) to stand at 1,329.35, while the tech-heavy Nasdaq Composite dropped 28.97 points (1.01 percent) to 2,830.77.

Eurozone finance ministers were due to meet on Monday to discuss Europe's broadening problems, as Italy faced higher borrowing costs amid concerns that it could face a Greek-style debt crisis.

 

Copyright AFP (Agence France-Presse), 2011

 

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