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Stocks slide on renewed Greece debt concerns

Stocks slump on concerns about Greece; Traders shrug off rise in factory orders, home sales


Buzz up! 1 Print..Topics:International.Stephen Bernard and Tim Paradis, AP Business Writers, On Tuesday May 4, 2010, 10:51 am

NEW YORK (AP) -- Stocks sank Tuesday after European debt problems sent another wave of pessimism through the market.

The Dow Jones industrial average fell more than about 225 points. The Dow and broader indexes each fell more than 2 percent.

Stocks have seesawed in the past week as concerns about debt problems in Greece and other European countries overshadowed upbeat domestic economic reports.

European debt is again a worry Tuesday. European markets fell over new doubts that a $144 billion bailout package for Greece will be approved by the 15 European countries that would shoulder much of the cost. The ballooning size of the bailout has traders worrying that Europe would have an even tougher time rescuing a larger country such as Spain, which is also showing signs of weakness.

The euro again fell against the dollar as traders avoid the currency, which is used by 16 European Union countries including Greece. The euro hit its lowest level in a year.

The rising dollar is a negative for U.S. investors since it would cut into profits for U.S. companies that heavily rely on foreign operations. When the dollar is up, overseas profits translate into less money.

Stronger economic reports were of little help to stocks.

The Commerce Department said orders to U.S. factories rose 1.3 percent in March. Analysts expected a drop. The National Association of Realtors said its index of sales agreements for previously occupied homes rose a stronger-than-expected 5.3 percent in March.

In midmorning trading, the Dow fell 224.46, or 2 percent, to 10,927.37. The Dow jumped 143 points Monday after sliding 159 on Friday.

The Standard & Poor's 500 index fell 25.98, or 2.2 percent, to 1,176.28. The Nasdaq composite index fell 70.18, or 2.8 percent, to 2,428.56.