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Wall Street slumps on euro-zone fears
May 20, 2010
Stocks dropped on Thursday, with all major indexes sliding more than 3 percent on growing fears that the euro zone’s handling of its sovereign debt crisis could jeopardize the global economic recovery.
The S&P 500 is now down more than 10 percent from its April
high, signifying a correction. The index is also below its 200-day moving average.
“Europe is causing a correction that calls the whole recovery into question,” said Andy Fitzpatrick, director of investments at Hinsdale Associates in Hinsdale, Illinois. “It’s not outside the realm of possibility that we could drop another 5 percent from here.”
Germany’s unilateral decision on Tuesday to ban naked short-selling has triggered worries about additional regulation and hurt the euro, which was down 0.5 percent versus the dollar.
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