Investing.com - U.S. stocks sank on Tuesday as mounting fears that Greece's debt crisis will spread to other cash-strapped euro zone nations offset upbeat data on the U.S. housing market.
During early U.S. trade, the Dow Jones Industrial Average slipped below the key 11,000 mark to hit 10,941, down 1.89%; the S&P 500 index shed 2.78%; and the Nasdaq Composite index was down 2.12%.
Earlier in the day, rumors of an impending credit rating downgrade for Spain spooked markets, for while Greece secured an EU-IMF bailout package on Sunday, the emergency aid did not address the problems of other debt-laden euro zone nations in the so-called PIIGS – Spain, Portugal, Italy and Ireland.
Fitch Ratings and Moody's Investors Service Inc. later moved to dispel the rumors, stating they both maintain their AAA ratings and stable outlooks for Spain's sovereign debt.
Meanwhile, industry data showed that more Americans than expected signed contracts in March to buy previously owned homes before the expiration of a tax credit.
Across the Atlantic, stock markets in Europe tumbled: France’s CAC 40 was down 3.26%; Germany's DAX slid 2.42%; Britain's FTSE 100 was down 2.34%; the EURO STOXX 50 tumbled 3.67%; and Spain's IBEX 35 shed a massive 5.3%.
Also Tuesday, official data showed that orders placed with U.S. factories climbed unexpectedly in March, boosted by demand for capital equipment and petroleum.
During early U.S. trade, the Dow Jones Industrial Average slipped below the key 11,000 mark to hit 10,941, down 1.89%; the S&P 500 index shed 2.78%; and the Nasdaq Composite index was down 2.12%.
Earlier in the day, rumors of an impending credit rating downgrade for Spain spooked markets, for while Greece secured an EU-IMF bailout package on Sunday, the emergency aid did not address the problems of other debt-laden euro zone nations in the so-called PIIGS – Spain, Portugal, Italy and Ireland.
Fitch Ratings and Moody's Investors Service Inc. later moved to dispel the rumors, stating they both maintain their AAA ratings and stable outlooks for Spain's sovereign debt.
Meanwhile, industry data showed that more Americans than expected signed contracts in March to buy previously owned homes before the expiration of a tax credit.
Across the Atlantic, stock markets in Europe tumbled: France’s CAC 40 was down 3.26%; Germany's DAX slid 2.42%; Britain's FTSE 100 was down 2.34%; the EURO STOXX 50 tumbled 3.67%; and Spain's IBEX 35 shed a massive 5.3%.
Also Tuesday, official data showed that orders placed with U.S. factories climbed unexpectedly in March, boosted by demand for capital equipment and petroleum.