Stocks Open Sharply Lower on Global Economy Fears

By: Associated Press
By: Associated Press

Stock markets are opening sharply lower amid fresh fears about the global economy and ahead of the start of earnings season.

The Dow Jones industrial average is down 119 points, or 0.9 percent, at 12,537, in opening trading. The Standard & Poor's 500 index is down 14, or 1.0 percent, at 1,330. The Nasdaq composite is down 29, or 1.0 percent, at 2,830.

Worries about possible European debt defaults have spread beyond Greece, Ireland and Portugal to Italy and Spain. New concerns also arose about the U.S. where lawmakers face an Aug. 2 deadline to avoid an unprecedented U.S. debt default.

A report Friday saying far fewer jobs than expected were added in June compounded fears that the U.S. economy was in worse shape than economists thought.

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