Thursday, September 29, 2011

U.S. stocks end with steep drop on Europe doubts

U.S. stocks tumbled Wednesday, halting a three-day winning stretch, on heightened concern that European leaders have differing views on resolving the euro-zone’s debt troubles.
The corporate profit outlook “is clouded by ineffectual political leadership and reactive fiscal and monetary policies in the face of stubbornly weak growth as recession fears continue to fester on both sides of the Atlantic,” noted Alec Young, global equity strategist at S&P Capital IQ.
German Chancellor Angela Merkel said Wednesday she is waiting to hear from the European Union, the European Central Bank and the International Monetary Fund about Greece’s austerity moves before deciding whether changes are needed to a financial aid plan brokered in July.
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