Skip to comments.Stocks step back on overseas concerns
Posted on 11/29/2010 11:10:13 AM PST by Signalman
NEW YORK (CNNMoney.com) -- U.S. stocks retreated Monday, with the Dow Jones industrial average dropping below 11,000, as investors focused on increased tensions overseas and shrugged off indications of strong holiday retail sales.
In afternoon trading, the Dow Jones industrial average (INDU) was down 118 points, or 1.1%, to 10,974. The S&P 500 (SPX) fell 10 points, or 0.8%, and the Nasdaq (COMP) lost 30 points, or 1.2%.
A combination of downbeat news gave investors little to be thankful over the weekend, as renewed fears about Europe's debt crisis, feuding South and North Korea, and a WikiLeaks release of controversial diplomatic files all weighed on markets.
"The situation in Korea is hot and fluid," economist Robert Brusca of FAO Economics said in a research note. "The WikiLeaks data is very damaging to the U.S. and to many of its important allies."
Meanwhile, Europe is also on investors' minds: On Sunday, European officials announced an 85 billion bailout for Ireland and its banks. They also detailed a new protocol for similar rescues of European nations in the future.
Under Bush this would have been, “Market Implodes as US economy pulls Europe into depression”.