US stocks end lower after bank scare in Europe
In this May 11, 2007, file photo, a Wall Street sign is mounted near the flag-draped facade of the New York Stock Exchange. US stocks ended lower as fears about the health of a European bank weighed on the market. AP PHOTO/RICHARD DREW
NEW YORK—US stocks ended lower as fears about the health of a European bank weighed on the market.
The Dow Jones industrial average fell 70 points, or 0.4 percent, to finish at 16,915 Thursday. The Standard & Poor’s 500 index slipped eight points, or 0.4 percent, to 1,964. The Nasdaq was off 22 points, or 0.5 percent, at 4,396.
US markets were hit by earlier stock losses in Europe, where worries over the finances of one of Portugal’s largest financial groups slammed stocks and pushed investors into safer assets such as government bonds and gold.
Eight of the 10 industry groups in the S&P 500 fell.
The yield on the 10-year Treasury note edged lower to 2.54 percent from 2.55 percent late Wednesday. Yields fall when demand for bonds rises.
