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N.Y. stocks tumble on weak U.S. data, Europe's debt crisis.

NEW YORK, May 17 Kyodo

New York stocks tumbled Thursday, with the Dow index falling for the fifth straight trading day to close at its lowest level in about four months on concern over the U.S. economic outlook and Europe's debt problems.

The 30-issue Dow Jones Industrial Average dropped 156.06 points, or 1.24 percent, to end at 12,442.49, the lowest finish since mid-January. The tech-heavy Nasdaq Composite Index plunged 60.35 points, or 2.10 percent, to 2,813.69.

After opening almost flat, stocks dived into negative territory and extended losses toward the end of the session as investors were discouraged by weaker-than-expected U.S. manufacturing data, market analysts said, adding that financial and private consumption-related shares notably faced selling.

Investors increasingly grew risk-averse amid growing concern about Greece's possible breakaway from the eurozone and Spain's financial instability, the analysts said.
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Publication:Japan Weekly Monitor
Geographic Code:1U2NY
Date:May 21, 2012
Words:147
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