Stock Prices Slide Monday

Sep 19, 2011, 12:20 by R.E. Christian

Stock markets in New York slid early to start the week after finance ministers in Europe delayed a decision concerning a bailout loan for Greece for one month.

Auditors pulled back from an inspection of Greece's books before the weekend gathering of eurozone finance ministers in Poland. Officials at the meeting then postponed a decision on whether Greece would receive the next installment of its $153 billion international aid package.

Markets in Asia and Europe moved sharply lower after the delay. On Wall Street in afternoon trading, the Dow Jones Industrial average, after five consecutive trading sessions added 517 points to the index last week, gave up 214.56 points or 1.86 percent to 11,294.50. The Standard & Poor's 500 index lost 22.54 points or 1.85 percent to 1,193.47. The Nasdaq composite index lost 31.35 points or 1.2 percent to 2,590.96.

The benchmark 10-year treasury note rose 1 2/32 to yield 1.93 percent.

The euro fell to $1.3646 from Friday's $1.3798. Against the yen, the dollar dropped to 76.488 yen from Friday's 76.79 yen.

The Nikkei 225 index in Japan was closed for a holiday.

In London, the FTSE 100 index fell 2.03 percent, 108.85, to 5,259.56.

Source: UPI