DJIA Down 150 Points as Global Debt Woes Weigh Heavily U.S. stocks are deepening their losses today, with the major market indexes extending Friday's payroll-related decline. In addition to weak economic data, revived sovereign debt concerns are also weighing heavily on investors' minds. In Europe, finance ministers were summoned to an emergency meeting today to discuss the growing threat of an Italian debt meltdown. Meanwhile, in the U.S., weekend talks broke down between President Obama and top House Republicans, as the two sides clashed over how to address the looming federal debt ceiling. Against this uneasy backdrop, stocks are wallowing in red ink this afternoon.
The Dow Jones Industrial Average (DJIA - 12,507.62) has tumbled 149.6 points, or 1.2%, as we head into the second half of the session. The S&P 500 Index (SPX - 1,321.61) is off 22.2 points, or 1.7%, and the Nasdaq Composite (COMP - 2,806.68) has given up 53.1 points, or 1.9%.
Checking in on Dow components, all 30 blue chips are trading lower at last look. Pacing the decline are Hewlett-Packard (HPQ - 35.36), Bank of America (BAC - 10.39), and JPMorgan Chase (JPM - 39.59), with each stock shedding about 3% so far.
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