Wall Street stocks drop after worrisome news from Europe
Washington - Major Wall Street stock indices dropped Friday after eurozone countries showed no prospect of resolution of their crisis.
There were reports that distressed Spanish bank Bankia would increase its request for state aid to 19 billion euros (24 billion dollars) ,as the ratings agency Standard & Poor's downgraded Bankia's credit ratings to junk level. It did the same with Banca Civica, Banco Popular and Bankinter.
Eurozone countries also have not been able to agree on Euro bonds as a help out of the debt crisis that hangs heavily over Greece's future in the monetary union.
The blue-chip Dow Jones Industrial Average shed 74.92 points or 0.60 per cent, to 12,454.83. The broader Standard & Poor's 500 Index dropped 2.86 points or 0.22 per cent to 1,317.82. The Nasdaq Composite Index of high tech stocks lost 1.85 points, or 0.07 per cent, to 2,837.53.
The US currency rose to 79.89 euro cents from 79.74 euro cents on Thursday. The dollar edged up against the Japanese currency to 79.69 yen from 79.58.//DPA
