U.S. stocks slip on European debt worries

08:02, November 30, 2010      

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U.S. stocks slipped on Monday, but well off session lows, as solid sales from the Black Friday weekend were overshadowed by the European debt woes.

Major indexes slumped in early trading, with the Dow Jones industrial average losing grip of 11,000, as the financial aid deal on Ireland failed to lift the market. After the European Union signed a 113-billion dollar bailout agreement with Ireland, investors still worried that other debt-burdened countries would also have to need financial aid.

Meanwhile, according to a National Retail Federation survey, the number of people who shopped at stores and online between Thursday and Sunday jumped 8.7 percent to 212 million and the total amount spent during the four-day weekend reached an estimated 45 billion dollars, with the average spending rising 6.4 percent to 365.34 dollars.

However, the strong sales figure had little impact on the retail stocks and the optimism about a strong retail season quickly waned.

The Dow Jones industrial average slipped 39.51, or 0.36 percent, to 11,052.49. The Standard &Poor's 500 index dropped 1.64 points, or 0.14 percent, to 1,187.76 and the Nasdaq was down 9.34 points, or 0.37 percent, to 2,525.22.

Source: Xinhua


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