Stocks Tumble on Eurozone Uncertainty
NEW YORK (TheStreet) -- Stocks lost ground Wednesday as worries about the stability of the eurozone bubbled up once again.
The major U.S. equity indices swooned late in the day following reports that Greek banks are seeing elevated levels of withdrawals ahead of the country's crucial general elections this weekend. The vote is being seen as a referendum on the austerity measures Greece will need to adhere to in order to remain part of the eurozone.
Adding to the concerns was news that Egan Jones cut its rating on Spain to CCC-plus from B. Reuters said the downgrade was the ratings agency's fourth cut for Spain since April.
The Dow Jones Industrial Average fell 77 points, or 0.62%, to close at 12,496. The blue-chip index, which ranged roughly 150 points during the day, has now fallen in two of the past three sessions.The S&P 500 lost 9 points, or 0.70%, to close at 1315. The Nasdaq gave back more than 24 points, or 0.86%, to settle at 2819.
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