US Stocks Slide, Joins World Sell Off on European Debt Worries
Monday, May 23, 2022 11:15 AM

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US Stocks plunged Monday after warnings about the finances of several European countries creating fears that the region’s debt crisis is worsening. The euro also dipped to its lowest level in two months against US dollar.

Italy became the latest European nation to get affected by the region’s debt trouble, after Standard & poor’s rating agency said that Italy is at risk of having its debt rating cut, if it could not curb its borrowing and increase its economic growth.

The Dow Jones Industrial Average was trading lower by 139.56 points, or 1.12 percent to 12,372.48. Standard & Poor’s 500 fell 15.08 points, or 1.13 percent to 1,318.19, while Nasdaq index traded at 2,756.77, down 46.55 points, or 1.66 percent.

Among the stocks, LinkedIn Corporation (NYSE: LNKD) lost 9.02 points, or 9.69 percent to $84.07 in the morning session of trading Monday, after restrictions were removed to allow traders to short shares of the professional networking site. 

Sony Corporation (NYSE: SNE) shares saw some heavy selling, resulting in the stock to trade lower by 3.73 percent to $26.04, after the company said earlier today that it expects to post a loss of $3.2 billion for FY 2010.

Campbell Soup Company (NYSE: CPB) was trading lower by 1.76 percent to $34.62 on Monday, despite reporting better-than-expected profit and getting stock upgrade by Standard & Poor’s equity to hold from sell.

The European indexes added to early losses, with Britain’s FTSE 100 trading lower by 99.78 points, or 1.68 percent to 5,848.71, while France’s CAC 40 lost 77.07 points, or 1.93 percent to 3,913.78. Germany’s DAX was trading at 7,127.19, down 139.63 points, or 1.92 percent.

Crude oil was trading lower by $3.40, or 3.40 percent, to $96.70 per barrel on stronger dollar, while Gold trading higher by 2 points, or 0.13 percent to $1,510.80 an ounce.

 

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