MARKET SNAPSHOT: U.S. Stocks Slip As Spanish Yields Rise

Date : 07/09/2012 @ 10:59AM
Source : Dow Jones News
Stock : Mastercard Incorporated (MA)
Quote : 130.99  0.0 (0.00%) @ 4:25AM

MARKET SNAPSHOT: U.S. Stocks Slip As Spanish Yields Rise

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By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks fell Monday, extending losses into a third session, as Spanish yields topped levels viewed as unsustainable and ahead of earnings from Alcoa Inc.

The Dow Jones Industrial Average (DJI) fell 63.73 points to 12,708.74

Alcoa (AA) reports second-quarter results after the close, with the aluminum maker and Dow component expected to report a drop in earnings with global production exceeding demand, keeping a lid on metal prices.

The S&P 500 index (SPX) declined 5.77 points to 1,348.91, with energy hardest hit and health care the sole rising sector among its 10 industry groups.

Shares of Visa Inc. (V) and MasterCard Inc. (MA) were hit after UBS AG downgraded the payment networks.

The Nasdaq Composite (RIXF) shed 13.01 points to 2,924.34.

For every stock advancing two fell on the New York Stock Exchange, where 108 million shares traded as of 10:25 a.m. Eastern time.

As Spain's 10-year debt yield rose above 7%, European finance ministers readied to meet to work out the details of a rescue map for banks.

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