Stocks Pull Back on Europe's Deepening Debt Woes

By: STEPHEN BERNARD AP Email
By: STEPHEN BERNARD AP Email

NEW YORK (AP) - Stocks have plunged on worries that debt problems in Greece and Portugal could threaten the global economic recovery.

The Dow Jones industrials have had their worst drop in nearly three months after Standard & Poor's downgraded the government debt of Greece and Portugal. Investors are concerned that those countries' problems could spread across Europe and hamper economic growth elsewhere.

The news overshadowed a batch of upbeat first-quarter earnings reports.

The Dow is down 213, or 2 percent, at 10,991. The Standard & Poor's 500 index is down 28, or 2.3 percent, at 1,183. And the Nasdaq composite index is off 51, or 2 percent, at 2,471.

Five stocks fell for every one that rose on the New York Stock Exchange. Volume came to 1.68 billion shares.


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