Stocks stall as Moody's cuts Portugal debt rating
Monday, July 4, 2011
NEW YORK (AP) -- Stocks are closing lower after a warning about Portugal's debt revived worries about Europe's financial crisis.
Major indexes were mixed for much of the day but dipped in afternoon trading after Moody's downgraded Portugal's debt. The credit ratings agency cited concerns that Portugal will not be able to meet targets to reduce its deficit due to the "formidable challenges" the country is facing in cutting spending.
The Dow Jones industrial average fell 13, or 0.1 percent, to close at 12,569.87. The Standard & Poor's 500 fell 2, or 0.1 percent, to 1,337.88. The Nasdaq rose 10, or 0.4 percent, to 2,825.77.
The number of stocks that rose was about the same as those that fell on the New York Stock Exchange. Trading volume was very light at 3.4 billion shares.