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Stocks drop as crisis in Europe deepens

1:43 PM, Jul 20, 2012   |    comments
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NEW YORK (AP) - U.S. stocks closed lower, pushed down by fresh reminders that Europe's debt crisis is far from over.

All three major indexes were down about 1 percent. The Dow Jones industrial average fell 121 points at 12,823. The Standard & Poor's 500 declined 14 at 1,363. The Nasdaq composite index dropped 41 to 2,925.

In Spain, the stock market plunged and borrowing costs spiked after a regional government asked for a financial lifeline. The Treasury minister predicted the recession will drag into 2013.

Chipotle plunged 22 percent as analysts worried that the chain's high-powered growth could be slowing. Chip maker Advanced Micro Devices fell 13 percent after reporting lower revenue and earnings.

Roughly two stocks fell for every stock that rose. Volume was average, 3.7 billion shares.

The Associated Press

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