US Stocks Down As Spanish Bond Yields Further Concerns About Europe
07/09/2012| 09:55am US/Eastern
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By Matt Jarzemsky and Tomi Kilgore
NEW YORK--U.S. stocks opened lower ahead of the second-quarter earnings reporting season, extending losses into a third-straight day as rising Spanish borrowing costs furthered concerns about Europe's debt crisis.
The Dow Jones Industrial Average slipped 22 points, or 0.2%, to 12750. Standard & Poor's 500-stock index gave up two points, or 0.2%, to 1353 and the Nasdaq Composite lost four points, or 0.1%, to 2934.
Shares of Alcoa eased 0.6%. The blue-chip aluminum company is to report second-quarter results after the closing bell, marking the unofficial kick-off of the reporting season.
The economic calendar is relatively light, with only data on consumer credit in May due at 3 p.m. EDT.
European markets were mostly lower, with the Stoxx Europe 600 down 0.2%, as investors were skeptical that a Monday meeting of euro-zone finance ministers will make any progress in stabilizing the euro zone's debt crisis. Yields on Spain's benchmark 10-year bond rose above 7%, a level than economists say is unsustainable, and Spain's IBEX-35 stock index lost 0.6%.
Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com
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