U.S. stocks open weak Tuesday as G-7 discuss eurozone crisis

Diane Alter – Fourth Estate Cooperative Reporter

New York, N.Y., United States (4E) – U.S. stocks slipped on the open Tuesday as anxious investors await word from the G-7 on how they plan to deal with the eurozone debt crisis.

Just after 9:30 a.m. on Wall Street, the Dow Jones Industrial Average fell 25 points, the Standard & Poor’s 500 Index dropped 3 and the NASDAQ slumped 5 points.

Attention remains on Europe as Greece inches closer to a possible exit from the euro and the banking system in Spain wobbles near collapse.

Spain’s Treasury Minister Cristobal Montoro commented on a Spanish radio network early Tuesday that the country was nearly shut out of global finance markets, and that its banking system would need help from other European countries.

Following the statement, yields on Spain’s 10-year bond inched slightly higher to 6.4 percent.

Adding to jitters were words from Standard & Poor’s on Monday in which the credit rating agency said there is a one-in-three chance Greece will exit the union in the coming months.

Finance officials of the world’s seven largest economies, the G-7, are reportedly holding an emergency call Tuesday to discuss the crisis.

In world markets Tuesday, European stocks were up in afternoon trading. Asian markets ended on a positive note.

In currencies and commodities, the dollar gained against the euro and the British pound, but fell versus the Japanese yen.

Oil for July delivery slipped 25 cents to $ 83.73 a barrel.

Gold futures for August delivery gained $ 5.80 to $ 1,619.70 an ounce

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