Stocks Slide On Euro Fears, Jobless Numbers
MICHELE NORRIS, Host:
From NPR News, this is ALL THINGS CONSIDERED. I'm Michele Norris.
ROBERT SIEGEL, Host:
And Jim, how bad was the damage in the markets today?
JIM ZARROLI: Now, keep in mind that until now, stocks have been climbing really far for a long time. They've been doing really well. Now in the space of about a month, all of the gains for the year have been wiped out. And if you look at some individual industries like financial stocks, they're down even more. So it's been a really sudden and scary turnaround.
SIEGEL: But we've been hearing for a while that the U.S. economy is improving. Why should trouble in Europe scare investors here so much?
ZARROLI: So they have a lot to lose if growth in Europe slows too much, and you're seeing that reflected in the stock market.
SIEGEL: But it seemed not too long ago that officials of the European Union and the International Monetary Fund took steps to address the debt crisis. They came up with a bailout package that equaled a trillion dollars. Why hasn't that calmed the markets down?
ZARROLI: In this country, as you know, Congress is working on a bill to overhaul the markets, and this, you know, might turn into a good thing in the long run, but it has a lot of investors kind of worried and uncertain about the future. And they're pulling their money out of the markets until they know for certain a little bit more about what's going to happen.
SIEGEL: Okay, Jim, thank you.
ZARROLI: You're welcome.
SIEGEL: That's NPR's Jim Zarroli in New York.
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