NEW YORK (AP) — Stocks are falling for a third day on growing concerns that Europe’s debt problems will hamper a global rebound.
Stocks are down Monday after the euro hit a four-year low. The currency is used by 16 countries in Europe. Investors are questioning whether steep budget cuts in countries including Greece, Spain and Portugal will hinder an economic recovery in Europe and in turn, the U.S.
The austerity measures are required under a nearly $1 trillion bailout program the European Union and International Monetary Fund agreed to last week.
At midday, the Dow Jones industrial average is down 58 at 10,561. The Standard & Poor’s 500 index is down 6 at 1,129. The Nasdaq composite index is down 9 at 2,337.
