The New York Times
Fri, May 14, 2010 -- 4:06 PM ET
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Renewed Worry Over Europe Pushes Stocks Down, Dollar Up; S.&P. 500 Falls Nearly 2%
Financial markets went into a tailspin in Europe and the
United States on Friday as investors took a second look at
the plan meant to end Europe's debt crisis.
Only five days after the European Union and the International
Monetary Fund approved a $957 billion package signaling a
"shock and awe" commitment to head off a spread of the
crisis, new worries emerged about the effect of drastic
austerity measures for the fragile European economies, the
prospect of a restructuring of Greek debt, and the future of
the euro.
The Standard & Poor's 500-stock index ended the day nearly 2
percent lower, in preliminary figures, and major indexes in
Europe were down 3 percent or more. The euro, which rallied
sharply earlier in the week, fell below $1.24, an 18-month
low.
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