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U.S. stocks slide on worries over Europe

05-20-2010 10:32 BJT

NEW YORK, May 19 (Xinhua) -- U.S. stocks slid on Wednesday as concerns about euro zone economies continued to weigh on the market. All three major indexes ended more than 0.5 percent lower.

Investors have been focusing on situation in Europe, and the extent of worry is clear as even a rising euro failed to boost the market on Wednesday.

Germany announced late Tuesday that it would ban naked short- selling in the country's ten leading financial institutions. The ban, which took effect Wednesday and will last until March 31, 2011, would also apply to naked short-selling of credit-default swaps and euro-zone government bonds.

Germany enacted the ban in an effort to try to prevent its markets from falling sharply in response to concerns about Europe' s debt problems, but global stock markets seemed to be rattled by the strict measures as investors doubted the real situation might be worse than expected in Europe. Even a rising euro failed to boost market on Wednesday.

Adding to the negative tone, the Mortgage Bankers Association said on Wednesday that the number of homeowners who missed at least one payment on their mortgage rose to a record in the first quarter, a sign that foreclosure could continue to rise.

The Dow Jones industrial average plunged 66.58, or 0.63 percent, to 10,444.37. The Standard & Poor's 500 index fell 5.75, or 0.51 percent, to 1,115.05 and the Nasdaq plummeted 18.89, or 0.82 percent, to 2,298.37.

Editor:Zhang Ning |Source: Xinhua

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