Stocks slip as Italian borrowing rates jump again
Monday, November 14, 2011
NEW YORK (AP) -- Stocks are lower in midday trading as concerns about Italy's financial crisis overshadow an increase in U.S. retail spending.
The market rate for Italy's 10-year bond jumped back above 7 percent Tuesday, reigniting fears of a financial crisis. Greece, Ireland and Portugal were forced to seek lifelines when their borrowing rates crossed the same mark.
The Commerce Department said early Tuesday that Americans spent more on autos, electronics and building supplies in October. Sales increased 0.5 percent from the previous month, better than forecasts.
The Dow Jones industrial average was down 67 points, or 0.6 percent, to 12,012 as of 11:45 a.m. Eastern. The S&P 500 lost 6, or 0.5 percent, to 1,245. The Nasdaq composite slid 10, or 0.4 percent, to 2,647.