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US stocks plummet as outlook in Europe dims

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Posted: May 30, 2012 12:10 PM
Source: Associated Press

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Topics: wall street, stock, money, economy

NEW YORK- U.S. stocks are opening sharply lower as concerns about the stability of Europe's financial system return to the fore.

The European Union's government said early Wednesday that confidence across that continent fell sharply this month. Traders sold bonds issued by debt-saddled European governments, pushing those nations' borrowing costs higher.

Rising demand for safe investments pushed the yield on the 10-year Treasury note to a record low as trading began in New York.

Heavy equipment maker Caterpilar led the Dow lower on fears that overseas demand will dry up.

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