Spain, Stocks Down | featured news

Weak earnings from several large companies and a credit rating downgrade of several regions in Spain raised concerns about a slowing global economy... The Dow Jones industrial average finished the day down 1.8 percent, or 243.36 points, to end at 13,102.53, its worst performance since June. The losses added to the big declines on Friday, and dropped leading indexes to their lowest levels since early September, before the Federal Reserve announced its latest monetary stimulus program.

Stocks fell Friday, as investors erred on the side of caution ahead of a weekend expected to bring new developments in dealing with Spain's banking crisis.

Stocks fell and the spread between Spanish and German bonds hit a record wide, as the prospect of fresh elections heightened concerns about the likelihood of Greece exiting the euro zone.

News that Spain’s economy entered another recession renewed worries about the fragility of Europe’s finances on Monday and nudged stocks lower. The Dow Jones industrial average slipped 35 points to 13,192 shortly after noon Eastern.

Fitch cut Spain’s credit rating, saying that the country’s debt will probably weigh on the country’s growth.