US stocks fall after Spain's weak bond auction


Salon Staff
April 4, 2012 7:54PM (UTC)

NEW YORK (AP) — The stock market is suffering its worst loss in a month after a weak bond auction in Spain renewed fears about the European debt crisis. The price of gold plunged to its lowest level since January.

Investors looking for a safe place for their money drove up the price of U.S. government debt. The dollar surged against the euro.

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Just before noon Eastern, the Dow was down 150 points at 13,049. The Standard & Poor's 500 index was down 16 points at 1,397. The Nasdaq composite index lost 52 to 3,061.

In Spain, bond yields spiked after a disappointing auction of government debt, a signal that investor confidence in Spain's finances is weakening. Last week, Spain announced tax increases and budget cuts that will probably slow its economy further.


Salon Staff

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