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N.Y. stocks fall on rekindled fears about European debt crisis.

NEW YORK, Sept. 6 Kyodo

New York stocks fell Tuesday, with the Dow briefly plunging more than 300 points on rekindled fears about European debt problems.

The 30-issue Dow Jones Industrial Average, which lost 253.31 points last Friday, dropped 100.96 points to end at 11,139.30. The tech-heavy Nasdaq Composite Index, which shed 65.71 points last Friday, went down a further 6.50 points to 2,473.83. Monday was a national holiday in the United States.

Stocks faced selling as investors were discouraged by drops in equities in Germany, France and other European countries amid rekindled concern that there may be little progress in rescuing debt-ridden Greece, market analysts said.

Financial issues notably lost ground after the U.S. Federal Housing Finance Agency filed lawsuits Friday against 17 financial institutions for damages caused by their illegal sales of mortgage-backed securities to government-sponsored enterprises Fannie Mae and Freddie Mac, the analysts said.

Stocks recovered some of their early losses toward the end of the session on better-than-expected data in the U.S. nonmanufacturing sector for August, they said.
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Publication:Japan Weekly Monitor
Geographic Code:1U2NY
Date:Sep 12, 2011
Words:182
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