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Major stock indexes down 1% in early trading on Wall Street

May 09, 2012|By Andrew Tangel
  • Wall Street losses continued in early trading Wednesday.
Wall Street losses continued in early trading Wednesday. (Ken Hively / Los Angeles…)

NEW YORK -- Stock markets opened sharply lower on Wall Street, continuing a slide in the face of continued political and economic turmoil in Europe.

The Dow Jones industrial average fell 101 points, or 0.8%, to 12,831 in early trading.

The broader Standard & Poor’s 500 index was down 12.9 points, or 1%, to 1,351.

The technology-heavy Nasdaq gave back 6 points, or 1%, to 607.

Investors also sold positions in commodities, a sign of perceived weakening demand. Oil prices continued to slide, with the price of crude dropping $1.06, or 1.1%, to $95.95 a barrel.

Greater uncertainty in Europe has rattled markets following Greek and French elections last weekend that set the stage for renewed euro zone conflicts over fiscal policy.

Voters in those countries rebuked politicians who had put in place unpopular austerity measures that have sharply cut government spending.


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