Worries about Portuguese debt increasing send US stocks down by Zuzana Zelenakova

As the European stocks declined at the end of the last week Wall Street followed them Tuesday. Behind the downfall there are concerns about some EU member states not being able to repay their debt. Also, the fact that North and South Korea got involved in a military incident contributed. “After Ireland, Portugal is a likely candidate for aid with Spain close behind,” John Plassard, head of European equities at Louis Capital Markets LP, said. “Amid these problems, the geopolitical problem between the two Koreas is the cherry on the cake in a bad week.” There is also the case of the irish bailout where many fear that $117 billion financial aid package! might not be enough to prevent eurozone from completely crumbling down. "The concern really now is who is next and what does the bailout mean for European monetary policy," said Paul Nolte, managing director at Dearborn Partners. "This has been an ongoing theme all year. We started out with Greece and we've moved to Ireland and now the focus is shifting to some of the other 'weak sisters' and Portugal is next up on everybody's radar." The euro fell below $1.30 mainly due to uncertainties over possible financial aid from the European Union and the International Monetary Fund as far as Portugal is concerned. US markets closed Tuesday with The Dow Jones Industrial Average down 39.51 points, or 0.36 percent. The worst was the case for technology companies such as Hewlett-Packard that fell 1.4 percent or IBM down 0.7 percent. The Nasdaq Composite fell 9.32 points, or 0.37 percent, to 2525.22 while Standard and Poor slipped 1.64 points, or 0.14 percent, to 1187.76. At the end of! the day financial and energy sectors were among those who man! aged to rebound.

related story (sgx18690): http://news.yahoo.com/s/nm/20101130/bs_nm/us_markets_stocks;...

by Zuzana Zelenakova for Cantell TV (http://cantell.tv)

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