Stocks Slide in Early Trading on European Worries

By: Associated Press
By: Associated Press

Stocks are sliding in early trading as Europe's debt problems continue.

Stock futures gave up gains after a German government spokesman said that a solution to Europe's debt crisis was not likely to be reached at a meeting next week. Hopes for a quick resolution lifted the S&P 500 to its best performance in two years last week.

Economic reports were mixed. A measure of U.S. industrial production rose for the third straight month, but a gauge of New York area manufacturing fell more than Wall Street expected.

Ten minutes after the market opened Monday, the Dow Jones industrial average was down 66 points, or 0.6 percent, to 11,578.

The S&P 500 fell 7, or 0.6 percent, to 1,217. The Nasdaq composite shed 12, or 0.5 percent, to 2,655.

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