Investing.com – U.S. stocks posted sharp losses after the open on Monday, as investors overlooked a bailout package for Ireland amid ongoing fears that Spain and Portugal could be the next euro zone nations to request assistance.
During early U.S. trade, the Dow Jones Industrial Average tumbled 1.22%; the S&P 500 index plunged 1.09%, while the Nasdaq Composite index plummeted 1.38%.
On Sunday, European Union finance ministers endorsed a EUR 85 billion loan package to shore up Ireland’s public finances and tackle its stricken banking sector.
But enthusiasm over a resolution to bail out Ireland ebbed amid ongoing fears over the debt problems of other euro zone nations, especially Spain and Portugal.
Shares in the financial sector were broadly lower. Global financial service provider JP Morgan-Chase saw shares tumble 0.99%, U.S. listed shares of Deutsche Bank plunged 3.60%, while Britain’s second-largest lender Barclays fell 1.04%.
But shares in retailers advanced after the U.S. National Retail Federation said that U.S. retail sales over the Thanksgiving weekend totaled USD 45 billion as approximately 212 million shoppers visited a store or a website over the weekend, 8.7% more than last year.
Shares in online retailer Amazon.com surged 1.70%, rivals Overstock.com saw shares jump 2.46%, while shares in the world’s largest department store chain Macy’s gained 0.79%.
Elsewhere within the sector, shares in the world’s largest retailer Wal-Mart shed 0.41% after the company made a formal bid of USD 2.3 billion for a 51% stake in South Africa-based retailer Massmart Holdings.
Meanwhile, shares in oil and gas giant British Petroleum plunged 1.78% after the company agreed to sell its stake in Argentina-based oil and gas producer Pan American Energy for approximately USD 7.06 billion to Bridas Corporation.
Across the Atlantic, European stock markets were sharply lower: the EURO STOXX 50 plunged 2.15%, France’s CAC 40 tumbled 2.17%, Germany's DAX plummeted 2.08%, while Britain's FTSE 100 declined 1.64%.
Also Monday, the cost of insuring Portuguese and Spanish debt against default rose to a record high, while Portugal's economic climate indicator fell for the second straight month in November.
During early U.S. trade, the Dow Jones Industrial Average tumbled 1.22%; the S&P 500 index plunged 1.09%, while the Nasdaq Composite index plummeted 1.38%.
On Sunday, European Union finance ministers endorsed a EUR 85 billion loan package to shore up Ireland’s public finances and tackle its stricken banking sector.
But enthusiasm over a resolution to bail out Ireland ebbed amid ongoing fears over the debt problems of other euro zone nations, especially Spain and Portugal.
Shares in the financial sector were broadly lower. Global financial service provider JP Morgan-Chase saw shares tumble 0.99%, U.S. listed shares of Deutsche Bank plunged 3.60%, while Britain’s second-largest lender Barclays fell 1.04%.
But shares in retailers advanced after the U.S. National Retail Federation said that U.S. retail sales over the Thanksgiving weekend totaled USD 45 billion as approximately 212 million shoppers visited a store or a website over the weekend, 8.7% more than last year.
Shares in online retailer Amazon.com surged 1.70%, rivals Overstock.com saw shares jump 2.46%, while shares in the world’s largest department store chain Macy’s gained 0.79%.
Elsewhere within the sector, shares in the world’s largest retailer Wal-Mart shed 0.41% after the company made a formal bid of USD 2.3 billion for a 51% stake in South Africa-based retailer Massmart Holdings.
Meanwhile, shares in oil and gas giant British Petroleum plunged 1.78% after the company agreed to sell its stake in Argentina-based oil and gas producer Pan American Energy for approximately USD 7.06 billion to Bridas Corporation.
Across the Atlantic, European stock markets were sharply lower: the EURO STOXX 50 plunged 2.15%, France’s CAC 40 tumbled 2.17%, Germany's DAX plummeted 2.08%, while Britain's FTSE 100 declined 1.64%.
Also Monday, the cost of insuring Portuguese and Spanish debt against default rose to a record high, while Portugal's economic climate indicator fell for the second straight month in November.