Posted: Apr 23, 2012 11:01 AM
Source: Associated Press
NEW YORK- A collection of worrying news out of Europe is sending stocks lower in midday trading.
New reports out Monday showed that European government debt continues to pile up despite severe budget cuts that have led to unrest across the continent. European markets fell hard.
In the U.S., the Dow Jones industrial average sank 147 points to 12,881 shortly before noon in New York. That's a drop of 1.1 percent.
The S&P 500 index fell 16 points to 1,362. The Nasdaq composite fell 44 points to 2,955.
Results of the first round of presidential elections in France were also a cause for concern. The incumbent Nicolas Sarkozy came in second. The partnership between Sarkozy and Germany's Angela Merkel has been crucial to negotiations over Europe's debt crisis.