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European debt woes continue to plague Wall Street

(Xinhua)

07:59, July 25, 2012

NEW YORK, July 24 (Xinhua) -- U.S. stocks slid for the third straight session on Tuesday as concerns over Europe and some weak earnings continued to weigh on the market.

When the market closed, the Dow Jones industrial average lost 104.14 points, or 0.82 percent, to 12,617.32. The Standard & Poor' s 500 was down 12.21 points, or 0.90 percent, to 1,338.31. The Nasdaq Composite Index declined 27.16 points, or 0.94 percent, to 2,862.99.

Worries over European debt woes and the continent's bleaker economic outlook continued to plague the market.

Late Monday, rating agency Moody's cut its credit outlook for Germany, the Netherlands and Luxembourg to negative from stable, warning that the three European countries could lose their Aaa ratings.

Moody's also anticipated that strong countries like Germany will have to shoulder a heavy financial burden as they support weaker countries like Spain and Italy. The rating agency also said there was an "increased likelihood" that Greece would leave Europe 's monetary union.

Adding to worries, data showed that manufacturing in Germany, the euro zone's biggest economy, contracted at its fastest pace in more than three years and its service sector also shrank. In France, factory activity fell at its fastest pace since May.

Meanwhile, the yield of Spain's government bonds continued to climb as investors worried about the country's solvency.

A separate report also showed that the euro zone's private sector shrank for the sixth month in July, raising fears that the region will fall back into recession.

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