US stocks slide amid euro concerns

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IANS | 19 May, 2012
US stocks failed to find any support Friday amid continuing concerns over the eurozone and a shaky Nasdaq debut of the Facebook.

At market close, the Dow Jones industrial average lost 73.11 points, or 0.59 percent, to 12,369.38. The Standard & Poor's 500 was down 9.64 points, or 0.74 percent, to 1,295.22. The Nasdaq Composite Index lost 34.90 points, or 1.24 percent, to 2,778.79, Xinhua reports.

European concerns still weighed heavily on the equity market, with Spain caught in the eye of the storm of the prolonged debt crisis. The country's bond yields have been rising sharply recently, suggesting mounting fears among investors about the region.

Meanwhile, investors turned cautious before leaders of the Group of Eight nations meet near Washington over the weekend to discuss the continuing crisis in the eurozone.

Friday's market was all about Facebook. The world's largest online social network started trading on the Nasdaq stock market Friday at a price of USD 42.05 dollars per share, up 10.6 percent from its IPO price of USD 38.

However, it lost steam shortly afterward and closed at USD 38.37 per share for its first trading day, only securing a gain of 0.97 percent.

With Friday's decline, Wall Street has suffered its worst week in the year. The blue-chip Dow lost 3.5 percent for the week. The broader S&P 500 tumbled 4.3 percent, while the tech-heavy Nasdaq plunged 5.3 percent in the last five trading sessions.