- CNTV English - CCTV News

Homepage > News > Biz >

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

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program