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8B Daily News– Wednesday, May 9, 2012 Turmoil in Europe pushes stocks lower in US Wall Street By DANIEL WAGNER AP Business Writer Political uncertainty in debt-hobbled Europe spread to financial mar- kets Tuesday and pushed stocks lower in Europe and the United States. The Dow Jones industrial average was down almost 200 points at its low point for the day before recovering most of its loss to finish down 76. It was the average's fifth straight decline. European indexes closed near their lowest levels in months, and the euro neared a five- month low against the dollar. Prices plummeted for commodities like oil and copper that depend on the health of the world economy. 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Greek voters on Sun- day rejected parties that had imposed the deep spending cuts demanded by Greece's bailout lenders. Cuts to pen- sions and social pro- grams are deepening Greece's crushing reces- sion. ''accelerates to a point where it's not really controllable with the sorts of Band-Aids they've used,'' said On Tuesday, the left- wing politician strug- gling to form a new gov- ernment declared that the country was no longer bound by its promises cut spending sharply in exchange for international bailout loans. The politician, Alexis Tsipras, also demanded a moratorium on repay- ing the part of Greece's debt that is ''onerous.'' The main stock index in Greece closed down 3.6 percent after a 7 percent decline the day before. After a calm finish Monday, benchmark indexes in Germany and France plunged to near their lowest levels this year. Italy's was near its lowest since last November. The main stock index in Britain hit its lowest point this year. Central banks have injected billions into Europe's financial sys- tem, providing tempo- rary support for stock and commodity prices, Alpert said. ''If that liq- uidity is supposed to prime the pump, and the pump doesn't take over, then you've got a prob- lem,'' he said. In the U.S., traders dumped risky assets and commodities, partly because of concern that a punishing recession in Europe would hurt eco- nomic demand. The price of oil continued its week-long slide. Copper and silver each lost more than 2 percent. four-month low of $1,604.50. It dipped below $1,600 for the first time since early January. Gold often serves as a safe, stable investment to hold in turbulent times. But in periods of rapid selling, investors sometimes sell gold as a ready source of cash. Gold fell $34.60 to a The stronger dollar investors and preventing nations' borrowing costs from rising. By striking at voters' quality of life, they provoked angry political opposition to the plans. Opponents of strict austerity say Europe will be unable to emerge from its recession unless governments spend more to boost demand in the economy. On Sunday, in addi- tion to the election in Greece, French voters elected a president who has spoken out against austerity and promised to cut France's debt load more slowly. contributed to the fall in commodity prices. Com- modities are priced in dollars, so a stronger dollar makes them appear more expensive to traders who use other currencies. Money flowed into The S&P had been down almost 22 points and the Nasdaq almost 58. Markets have been safe investments such as U.S. Treasurys, pushing the yield on the 10-year Treasury note down to 1.85 percent from 1.88 percent late Monday. A flurry of late-day buying helped the index- es recover from their earlier lows. The Dow closed down 76.44 points, or 0.6 percent, at 12,932.09. The Standard & Poor's 500 index fell 5.86 to 1,363.72. The Nasdaq composite index fell 11.49 to 2,946.27. buffeted for three years by shifting perceptions about the gravity of the European debt crisis. At times, many feared a messy string of govern- ment defaults would set off a global credit crunch. Europe's path forward is injecting volatility into global markets. As fears about Europe and the U.S. economy reemerged in recent weeks, traders have returned to frenzied buy- ing and selling that recalls last year's record- breaking market swings. Among U.S. stocks making moves Tuesday: — Burger chain Uncertainty about region's shaky banks, the European Central Bank injected billions of euros into the finan- cial system. Govern- ments in Italy and Greece fell last year, replaced by technocrats whom international leaders trusted to navi- gate the crisis. Leaders of indebted nations agreed to tighten their budgets. They slashed pensions and govern- ment jobs, raised retire- ment ages and eliminat- ed social programs. The measures were aimed at soothing bond Earlier this year, trad- ing had turned relatively placid as policymakers rolled out a host of mea- sures aimed at reassur- ing investors. To shore up the Wendy's fell 4.1 percent after it cut its forecast and said its first-quarter profit missed Wall Street analysts' expectations. — Watchmaker Fossil plunged 37.6 percent after saying weak sales in Europe caused its first-quarter revenue to fall far short of expecta- tions. The company also lowered its 2012 earn- ings forecast. Wynn Resorts reported a disappointing drop in first-quarter earnings, sending its stock down 4.8 percent. ——— — Casino operator AP Business Writer Sandy Shore in Denver contributed to this report. Daniel Wagner can be reached at www.twit- ter.com/wagnerreports. Michele D. Martin D.P.M. • Ingrown Toenails • Heel Pain • Bunions • Foot Pain Now accepting new patients 910 South Main St. Suite B Red Bluff 530.527.2523