Stock Prices Turn Lower Monday

Oct 31, 2011, 12:58 by R.E. Christian

U.S. markets turned lower Monday morning after a bullish week prompted by the European Union's plan to rescue debt-burdened burdened countries and banks.

The plan had pushed stocks ahead for the week, potentially overshadowing weak economic data, which is coming into focus this week.

In midmorning trading on Wall Street, the Dow Jones industrial average dropped to 12,099.04 with the loss of 132.07 points or 1.08 percent. The Standard & Poor's 500 index dropped to 1,269.09, off 15.99 points or 1.24 percent. The Nasdaq composite index of tech-dominated stock fell to 2,705.13, down 32.02 or 1.17 percent.

The benchmark 10-year treasury note rose 27/32 to yield 2.219 percent.

The euro fell to $1.3995 from Friday's $1.415. Against the yen, the dollar rose to 77.98 yen from Friday's 75.83 yen.

In Tokyo, the Nikkei 225 index lost 0.69 percent, 62.08, to 8,988.39.

Source: UPI