Wall Street slides on debt worries

2011-11-18 10:40

US stocks fell as investors continued to fret over European debt and a deadline for the US Congress to agree on deficit reduction approached.

Spain urged a stronger European response to the international economic crisis, after Madrid’s borrowing costs rose to alarming levels.

The marginal interest rate for Spanish 10-year bonds rose past 7%, which many analysts regard as a critical threshold. The median interest rate stood at 6.97%.

Meanwhile, Wednesday marks the deadline for a congressional super-committee to agree on cost saving measures.

The blue-chip Dow Jones Industrial Average dropped 134.86 points, or 1.13%, to 11,770.73.

The broader Standard & Poor’s 500 Index shed 20.78 points, or 1.68%, to 1,216.13. The technology-heavy Nasdaq Composite Index fell 51.62 points, or 1.96%, to 2,587.99.

The US currency remained virtually unchanged against the euro to 74.3 euro cents from 74.32 euro cents on Wednesday.

The dollar slipped against the Japanese currency to 76.99 yen from 77.02 yen.

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