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Stocks Drop Sharply Amid Uncertainty

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NY Times
Sept 9, 2011

Stocks on Wall Street declined sharply on Friday in the wake of a speech by President Obama on jobs that added to the uncertainty already weighing on financial markets over European sovereign debt and the weak economic recovery.

By midday, the Standard & Poor’s index of 500 stocks had fallen about 2.5 percent to 1,155.47. The Dow Jones industrial average lost 303.34 points, or 2.6 percent, to 10,992.47, and the Nasdaq composite index was down 2.27 percent to 2,471.97.

Most of the sectors in the broader market were down by 2 percent or more.

They followed indexes in Europe lower. By late afternoon, the FTSE 100 in Britain was down 2.4 percent. The Euro Stoxx 50 index was down 4 percent and the CAC 40 index in France was down 3.6 percent.

Stocks in Europe extended their losses after the European Central Bank said Jürgen Stark, a German who sits on the executive board of the E.C.B. and is known as an opponent of the bank’s bond-buying program, will resign his post. The DAX in Germany fell 2.6 percent.

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This article was posted: Friday, September 9, 2011 at 10:02 am

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