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Wall Street plummets on intensifying European sovereign debt fears

05-05-2010 09:10 BJT Special Report: Europe's Debt Crisis |

NEW YORK, May 4 (Xinhua) -- Wall Street plummeted on Tuesday with all major indexes dropping more than 2 percent at the closing as intensifying European sovereign debt fears stirred most severe sell-off since February.

U.S. stocks opened sharply lower in the morning following a world-wide sell-off on Tuesday amid concerns about the adequacy of the bailout package to address European sovereign debt crisis.

European shares tumbled Tuesday, with banks plunging as concerns about the financial health of Southern European countries resurfaced.

There were talks in the market that Spain was facing the possibility of another credit downgrade and ready to ask the International Monetary Fund for money, which were among the factors weighing.

Crude futures took its biggest one-day hit in three-months on the New York Mercantile Exchange Tuesday as the U.S. dollar rose more than 1 percent against the euro, dragging down energy stocks. Crude oil for June delivery fell 3.45 dollars, or 4 percent, to 82. 74 dollars a barrel on the New York Mercantile Exchange.

Meanwhile, gold futures retreated from a five-month high, ending 1.2 percent lower to 1,169.20 an ounce.

Technology stocks fell almost 3 percent after a report of a potential federal probe into Apple Inc.'s licensing requirements for iPhone app developers. Shares of Apple were down 7.67 dollars, or 2.88 percent, to 258.68 dollars at the closing.

The Dow Jones industrial average dropped 225.06, or 2.02 percent, to 11,926.77. The Standard & Poor's 500 index fell 28.66, or 2.38 percent, to 1,173.60 and the Nasdaq was down 74.49, or 2. 98 percent, to 2,424.25.

Editor:Du Xiaodan |Source: Xinhua

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