Dow sinks 3 percent as Europe uncertainty deepens

(AP) - The Dow Jones industrial average is closing witha loss of 389 points after Italy's borrowing costs soared and talkscollapsed in Greece on forming

NEW YORK - (AP) - The Dow Jones industrial average is closing witha loss of 389 points after Italy's borrowing costs soared and talkscollapsed in Greece on forming a new government.

Interest rates on Italian government debt spiked, evidence thatinvestors are losing faith in the country's ability to repay itsdebt.

In Greece, power-sharing talks fell apart between the country'stwo main political parties. That raised doubts about whether adefault can be avoided.

The Dow sank 3.2 percent to close at 11,781, the biggest dropsince Sept. 22.

The S&P 500 lost 47 points, or 3.7 percent, to 1,229.

The Nasdaq slid 106, or 3.9 percent, to 2,622.

Nine stocks fell for every one that rose on the New York StockExchange. Trading volume was high at 4.6 billion shares.

advertisement | advertise on News 12

Top 5 Must See

The Freedom Chapel and the Teen Challenge Outreach 1 Kids in need get toys, joy at Amityville event
A new report from an environmental research group 2 Report: Rising sea levels could threaten thousands of LI homes
Police are searching for a 15-year-old boy missing 3 Search underway for missing New Cassel teen
Authorities say swastikas were found Friday night at 4 Swastikas found at Nassau Community College for 5th time since October
Police say an Uber driver was attacked after 5 Uber driver attacked in Bethpage over Thanksgiving weekend

advertisement | advertise on News 12

Features

Need help this holiday season? We've got you Holiday Help Series

Need a gift idea? Perhaps you need a fun idea to do with the kids?

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE