Stocks fell sharply on Wall Street this morning as traders reacted to word that Europe’s debt crisis may be deepening and that China’s economy may slow, Bloomberg News says.
The Dow Jones industrial average was down more than 200 points, or a little less than 2 percent, after an hour of trading. Other indices were also off.
The Wall Street Journal says “fears intensified that Spain could need a bailout and aid for Greece might dry up.”
What’s more, says Reuters: “There were also worrying signs from U.S. earnings. McDonald’s Corp fell 2.3 percent to $89.45 after posting lower-than-expected profit. Its chief executive officer said the results ‘reflected the slowing global economy (and) persistent economic headwinds.’ “
We’ll keep an eye on the market and update as the day continues.