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After Strong Day, World Stocks Fall
Tuesday, May 11, 2010
World stocks fell today, following Monday, one of the strongest days markets had in months.
The Associated Press reports that the Dow Jones Industrial Average was down 99.46 points, or 0.9 percent, soon after Wall Street opened this morning. The Standard & Poor's 500 index fell 12.02 points, or 1 percent.
"Markets are giving up a portion of yesterday's sharp gains as some of the bailout-fuelled euphoria in Europe has died away," IG Index Chief Market Strategist David Jones told The AP.
On Monday, the Dow Jones Industrial Average rose about 400 points. The Dow and broader stock indexes all rose more than 3 percent. The markets soared as the European Union and International Monetary Fund pledged they would together contribute $957 billion (€750 billion) to a European bailout fund. The nearly $1 trillion would be used to stop Europe's debt crisis in places like Greece from moving to other EU countries, including Spain and Portugal. The European Central Bank began buying European debt on Monday.