The Joplin Globe, Joplin, MO

May 7, 2012

Markets recover from stumble over Europe elections


From The Associated Press

NEW YORK — Stock markets recovered around the world following an early stumble caused by election results in France and Greece that appeared to jeopardize Europe’s plans for fighting its debt crisis.

The Dow Jones industrial average fell as much as 68 points early Monday but recouped its losses and even rose 10 points in the afternoon. The Dow finally closed the day down 30 points at 13,008.

The Standard & Poor’s 500 rose half a point to 1,369. The Nasdaq composite rose one point to 2,958.  

European shares plunged at the open, but recovered most of the losses.

Greek voters punished politicians who backed cost-cutting plans, leaving the country without clear leadership. In France President Nicolas Sarkozy was thrown out in favor of Socialist Francois Hollande, who pledged “to finish with austerity.”