Wall Street declines on Greece's debt crisis concerns

08:31, May 06, 2010      

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Wall Street fell on Wednesday despite job market showed slow but steady improvement, as investors continued to focus on the sovereign debt problems in Greece and other European countries.

Investors were keeping a close watch on Greece as three people reported to have died during the strike over deep spending cuts and new taxes aimed at staving off economic collapse.

Meanwhile, Moody's Investors Service put Portugal on review for a possible downgrade, saying it could cut Portugal's credit rating two notches in the next three months.

The Downward trend continued on Wednesday even after data showed private sector added more jobs than economists expected.

According to a report by payrolls processor ADP Employer Services, U.S. private employers added 32,000 jobs in April while revision to previous data showed an unexpected jump in March.

The Dow Jones industrial average was down 59.94 points, or 0.55 percent, to 10,866.83. The Standard & Poor's 500 index fell 7.71 points, or 0.66 percent, to 1,165.89. The Nasdaq composite index gave up 21.96 points, or 0.91 percent, at 2,402.29.



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