US stocks lose as hopes of quick solution to Eurozone debt crisis fades

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    (Nvonews.com)

     

    After a solid week of gains over expectations of a swift end to the European crisis, US and European markets fell on Monday, dismayed at bad manufacturing data from the New York region and German intransigence over the debt issue.
    The Standard & Poor’s 500 Index dropped 1.1 percent to 1,210.94, the Dow Jones was down 1.10% to 11516. 50 points, and the NASDAQ Composite Index was down 0.91% to 2643.64 points.
    European stocks were trading in the red, Euro STOXX down 1.27% to 2325.61 points, FTSE 100 down 0.77% to 5424.17 points, and the French CAC down 1.16% to 3180 points. The DAX was trading at 5863 points, down 1.74%.
    Asian markets had closed in positive territory. The Nikkei was up 1.5% and the Hang Seng closed with a gain of 2.01%.
    Wells Fargo reported a drop in revenue while Citigroup reported a strong 74% jump in profits, ahead of estimates. Wells Fargo, the biggest lender of home loans in the US said its net profits rose 22%, the positive report was still below market predictions.
    The S&P had seen a gain of 6% last week, its best performance since April.
    The Euro which had climbed 3.8% against the dollar in the last week, dropped 0.8%, while Oil lost 0.7%.
    Steffen Seibert, chief spokesman for German Chancellor Angela Merkel indicated that the quick relief that the markets had been demanding will not be possible. Germany is the chief provider of the debt relief fund for the Eurozone.