The Joplin Globe, Joplin, MO

Business

August 2, 2012

With no concrete action in Europe, stocks slump

NEW YORK — Stocks are closing lower for the fourth day straight. Investors are disappointed that European leaders didn’t offer more detailed plans for tackling the region’s debt crisis.

The Dow Jones industrial average lost 92 points to close at 12,879. The Standard & Poor’s 500 index fell 10 points to 1,365. The Nasdaq also lost 10 points, ending the day at 2,910.

The European Central Bank had planned to present a bond-buying program but instead committed only to a vague plan of action after Germany’s central bank declined to back the plan.

Knight Capital, the trading firm whose technical glitch sent dozens of stocks into chaos Wednesday, plunged 63 percent.

Three stocks fell for every two that rose on the New York Stock Exchange. Volume was above average at 4.1 billion shares.

 

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