NEW YORK (AP) — Financial troubles in Europe are getting the blame for yesterday's plunge on Wall Street. the Dow fell 179 points, the S&P 500 lost 22 and the Nasdaq was off 47. Unrest in Greece over austerity plans rattled global financial markets and investors turned to lower-risk assets like the dollar and U.S. government bonds. Futures trading suggests further losses.
LONDON (AP) — International stock markets fell sharply today amid fears that Greece's debt crisis is spiralling out of control and fresh worries over China's economy. Investors are looking on in dismay at the chaos in Greece, as Prime Minister George Papandreou prepares to reshuffle his government to get austerity measures through Parliament.
SIGNAPORE (AP) — Oil prices rose to above $95 a barrel today in Asia. Crude reversed slightly after big losses sparked by Europe's deepening debt crisis and a stronger U.S. dollar.
LOS ANGELES (AP) — RealtyTrac Inc. says the number of U.S. homeowners who were put on notice for being behind on their mortgage payments fell in May to the lowest level since 2006. But it's the result of lingering delays in banks' foreclosure process. The firm says a housing recovery may take a little longer.
FRANKFURT, Germany (AP) — A European Central Bank official says a Greek default on debt would mean the EU's crisis bailout fund would have to double to $2.1 trillion. A default would spread financial turmoil to other countries. The official says the bigger fund would be needed to backstop the added risks to Portugal and Ireland, who are also in financial trouble.
LOS ANGELES (AP) — Warner Bros. says it will become the first movie studio to launch a national video-on-demand service in China. The studio says it expects the service to be available in 3 million cable TV homes in China by the end of summer, and it believes there is the potential to reach 200 million cable TV households eventually.
