Stocks Plunge, Fears Due to Greek Aid Rises
Stocks at the New York Stock Exchange plunged to a record low in more than three months as fears due to bailout package for Greece arises across Europe.
Reports said that many of the investors now fear that the crisis will spread to the rest of the continent making it harder for them to cope up with the losses.
Following the approval of the euro-zone finance ministers to the record $144 billion bailout package for Greece, fears about the possible spread of the crisis in our European countries emerged prompting New York stock exchange to drop on Tuesday.
Based on reports released on Tuesday, euro has dropped to its lowest point against the US dollar this year.
Also, Dow Jones reported that its industrial average was slashed by 225 points, the largest cut in over three months. Tuesday’s slide also erased earlier gains of 143 points, which results to a 2 percent fall in its broader indexes.
It will be recalled that major stocks in Europe has been in an up and down ride because of the bailout package talks. An agreement was finally reached by the concerned parties, awarding Greece over $144 billion bailout loan.
However, the huge amount awarded to Greece has prompted more worries instead of stabilizing the market in Europe. Many investors said that they could face tougher times in the stock market should the problem continued to spread in bigger countries like Spain and Portugal.
The drop in the stocks in Europe and the US has caused major uncertainties for many of the investors, who are still battling losses from the recent financial crisis.
Meanwhile, US Treasury prices increased as demand rose for more safe investment deals.
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