Equities Roundup: Euro Crisis Strikes Again

Equities Editors Desk  |

Stocks opened lower today as concern rose over whether the European Union and International Monetary Fund are able to aid Greece in future bailout installments. If Greece does not receive another rescue payment, the nation could face default in only a matter of weeks. EU and IMF officials have debated on whether funds should be used to continue the financial rescue effort or be allocated to focus on spreading the contagion should Greece's economy collapse. The decision on the next $11 billion installment has been shelved until early October. In the U.S., President Barack Obama made a firm stance against the opposing party after unveiling a $1.5 trillion plan to generate tax revenue from high-income households. The taxes would come from letting some of the Bush tax cuts expire and would be part of a larger $3.6 trillion plan in cutting the nation's debt. The proposal also includes cuts to certain social programs and defense spending from the two wars. Wall Street is also anticipating an announcement from the Federal Reserve on Wednesday, hoping that the central bank will unveil a new stimulus plan as recessionary factors have intensified. Oil prices fell as much as 3.6 percent today, and gold fell over 2 percent as well.

DJIA: 11,288.17 (-1.92 percent)
S&P 500: 1,193.17 (-1.87 percent)
NASDAQ: 2,590.86 (-1.19 percent)
Russell 2000: 696.60 (-2.48 percent)

In other news:

Check back for more news.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not necessarily represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer.

Market Movers

Sponsored Financial Content