Spain worries cause big drop in opening numbers
The Dow Jones industrial average fell 200 points, the Standard and Poor’s 500 index dropped 29 points and the Nasdaq index lost 71 points, according to CNNMoney.
Investors are worried that Spain will need a full bailout to bring the country back from a debt crisis that has been hurting Europe for the last three years, according to Bloomberg.
Last week, German lawmakers approved a bailout of about $100 billion for Spain, but now economists worry that central regions in Spain, such as Valencia, have sunk too low and Spain will need more assistance, according to CNNMoney.
Later this week, the stock market is expected to react to the corporate announcements from companies like Apple Inc. and Facebook Inc. on earnings for the previous quarter, according to Bloomberg.
Analysts predict that Apple’s profits grew by 35 percent, but do not expect good news for Facebook, which has stock prices about $10 lower than its initial public offering price.