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Wall Street tumbles

Friday, September 09, 2011 - 01:57

Sep 9 - Summary of today's business headlines: Wall Street sell-off on European worries; G7 leaders face heat from U.S.; McDonald's shares under pressure on earnings report; Final market numbers close out rocky week. Jill Bennett reports.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Wall Street stocks tumbled on fresh debt-crisis worries in Europe and doubts about President Obama's $447 billion dollar jobs plan. By Friday's close the major U.S. indices had lost more than two percent on the day. Paul Larson, Equities Strategist at Morningstar: SOUNDBITE: PAUL LARSON, EQUITIES STRATEGIST, MORNINGSTAR (ENGLISH) SAYING: "The concerns that we have with the European debt situation as well as our own debt and deficit problems here in the United States, these are things that are not going to get solved immediately or not likely to get solved immediately so we are probably going to be looking at continued volatility both up and down." The big weight on the European and US markets: The surprise announcement that Juergen Stark, the top German official at the European Central Bank, is stepping down in protest over the bank's bond-buying program. It's the latest twist in the debate about how to manage the debt crisis as the leaders of Europe's strongest economies meet in France. Treasury Secretary Timothy Geithner urged stronger G7 members to give unequivocal financial support to weaker states to overcome the crisis that threatens the world economy. In market news: Shares of McDonald's finished four percent lower after August sales at established restaurants rose less than expected due to a steep drop in demand in Japan and a lack of new enticing product offerings in the U.S. A look at the final numbers on the week: The Dow off more than 300 points, and all three indices giving back more than two percent. For the week the Dow finished down 2.2 percent and the Nasdaq fell 0.5 percent. Overseas a rough day for the major European markets with the DAX tumbling 4 percent. In today's closing bell ceremony at the NYSE: The families of exchange members who were lost on 9/11 rang the bell to honor the 10th anniversary of 9/11. Jill Bennett, Reuters

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Wall Street tumbles

Friday, September 09, 2011 - 01:57