Wall Street selloff continues on fresh European concerns

08:02, May 25, 2010      

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Traders work on the floor of the New York Stock Exchange, May 24, 2010. (Xinhua/Reuters Photo)

Wall Street ended broadly lower, with both the Dow and S&P down more than 1 percent, as a late plunge of financial sector accelerated selloff across the board.

As market closed, the Dow Jones industrial average fell 126.82, or 1.24 percent, to 10,066.57. The Standard & Poor's 500 index dropped 14.04, or 1.29 percent, to 1,073.65 and the Nasdaq was down 15.49, or 0.69 percent, to 2,213.55.

The market opened lower on Monday as the euro pulled back from a short-covering rally after Spain's weekend move to rescue a troubled saving bank.

The Bank of Spain said on Saturday it had taken over the running of CajaSur following the failure of its planned merger with another regional lender, underlining the weakness of the banking sectors of some euro zone members.

The euro retreated 1.84 percent to 1.2353 dollars on Monday, giving back most of last week's gains, exerting downward pressures on the stock market since U.S. stocks have been tracing the movement of the 16-nation currency for weeks. A sliding euro indicates waning confidence on Europe's ability to contain the debt crisis in some countries, which unsettled stock investors.

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