Dow Jones down on fear of Spain bailout
Tue, 24 Jul 2012 9:29a.m.
By Bernard Condon
Stocks have fallen for a second straight day amid fear that Spain's government may need a bailout.
The Dow Jones industrial average was down 101 to 12,721 at the close Monday. Yields for US government bonds sank to record lows as traders sought the safety of American debt.
Borrowing costs rose sharply for Spain and Italy after news that the Spanish economy contracted by a quarterly rate of 0.4 percent in the second quarter. Falling economic output makes it more difficult for Spain to deal with its debts.
The Standard & Poor's 500 index fell 12 points to 1,351. The Nasdaq composite index dropped 35 to 2,890.
All 10 industry groups in the S&P 500 fell, with materials and health care off more than 1 percent.
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