Stocks Slip Following Signs of Trouble in Europe

by Pallavi Gogoi
Monday Jul 9, 2012
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NEW YORK (AP) - Stocks are opening mostly lower following more signs of instability from Europe.

The Dow Jones industrial average slid 45 points to 12,727 shortly after the opening bell on Monday. The Standard & Poor’s 500 index fell three points to 1,354 and the Nasdaq fell one points to 2,936.

The need for European financial leaders, who are gathering in Brussels, to finalize a bailout plan for Spain grew more urgent as borrowing costs for the country hit dangerous levels.

The interest rate, or yield, on Spain’s 10-year government bond rose to 7 percent. Greece, Ireland and Portugal had to ask for financial support after their borrowing rates rose that high.

Aluminum maker Alcoa will start off the U.S. earnings season when it reports second-quarter results after the market closes.

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