Stocks end sharply lower on global concerns
The Dow fell about 130 points, with rising concern that European debt problems are worsening
(Page 2 of 2)
Also in Europe, several leaders called for Greece to avoid debt restructuring and push ahead with austerity measures.Skip to next paragraph
Subscribe Today to the Monitor
The euro zone troubles also pushed the euro to a two-month low against the dollar. The dollar index rose more than 1 percent against a basket of currencies. Meanwhile, gold rose 0.4 percent to close at $1,515.30 an ounce, gaining support as a safe alternative, while silver fell 0.5 percent to $34.90.
Elsewhere in stocks, Boeing and General Dynamics fell despite news the U.S. Supreme Court vacated a lower court ruling against the firms. The case stems from the Navy's cancellation of a $4.8 billion fighter jet.
Sony fell after changing its earnings estimate for the year to a net loss from a profit, a sign the company suffered a financial setback from the multiple disasters that hit Japan in March.
Campbell Soup declined despite beating profit expectations and after S&P Equity raised its rating on the stock to "hold" from "sell." The research firm also raised its price target for the stock to $36 a share from $31.
LinkedIn slumped a day before restrictions are removed to allow traders to short shares of the professional networking site, a strategy that involves betting that a stock's price will fall. Only 10 percent of LinkedIn's shares are public, however, which will make it difficult to execute the strategy.
Mosaic was among the few stocks higher on Monday after JPMorgan raised its rating on the fertilizer maker to "overweight" from "neutral," citing valuation, and Stifel Nicolaus raised its rating to "buy" from "hold." Rival fertilizer companies also gained, including Potash, CF Industries, and Agrium.
In initial public offering news, Yandex, a Russian Internet company, is expected to price its offering after the market closes. The price has reportedly been raised to $24 to 25 a share.
European markets closed lower on worries over the debt situations of euro zone countries.