Wall Street Still Stumbling European Debt Crisis

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Wall Street Still Stumbling European Debt Crisis, Wall Street fell on concern the debt crisis in Europe will expand, while lawmakers in the United States failed to agree on a deficit reduction program.

A number of U.S. banks from JPMorgan Chase & Co. to Bank of America Corp. recorded a decrease in stock prices, while Italian and Spanish government bonds declined. Alcoa Inc shares fell 2.2%. General Motors Co's stock price fell 2.1% after Renault SA to predict sales in Europe declined this year.

Wall Street Still Stumbling European Debt Crisis, Standard & Poor's index slid 1.1% to 1328.69 at 9:34 pm New York time. The Dow Jones Industrial Average fell 113.63 points, or 0.9%, to 12543.57 position.

"This combination of a worsening crisis in the European debt, deficit and uncertainty in the U.S. debt. The market will remain under pressure until the debt crisis in Europe is resolved," said Eric Teal, chief investment officer at First Citizens Bancshares Inc. in Raleigh, North Carolina.

The S & P 500 rose 0.3% to 1343.80 last week, which extended the strengthening since June 24 to 5.9% until July 8. This is the biggest weekly rise in two since October 2009. Equities rebounded in July after the S & P 500 fell 3.2% in May and June.

Countries in the euro area should redouble their bailout to 1.5 trillion euros (U.S. $ 2.1 trillion) to overcome the crisis in Italy, according to the European Central Bank, as quoted by German newspaper Die Welt.

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