Stocks are trading lower this afternoon as worries over Europe are back in the forefront. Despite today’s losses, the major stock indexes are on track to finish the week positive. Finance ministers in the eurozone agreed on a plan to lend Spain up to 100 billion euros to recapitalize their banks, but the exact size of the loan will not known until September. Spain’s ten year bond yields are hitting near record highs today as investors worry the country will eventually run out of money and will need a bailout.
The Dow is currently down 125 points, the Nasdaq is down 33 points and the S&P 500 is down 13 points. [Read more...]