Stocks slide after European Central Bank said its overnight deposits hit a record; Dow loses 140, closes at 12,151

Cindy Allen

Cindy Allen

Dec 28, 2011 – Associated Press

NEW YORK , December 28, 2011 () – Stocks are closing lower after Europe's central bank reported that its overnight deposits hit another record, the latest sign of worry among European lenders.

The S&P 500 fell 16 points, or 1.3 percent, to 1,250 Wednesday. It was the first decline for the S&P after five days of gains.

The Dow Jones industrial average lost 140 points, or 1.1 percent, to 12,151.The Nasdaq composite declined 35 points, or 1.3 percent, to 2,590.

The European Central Bank said the continent's banks parked a record $590.72 billion with it overnight, showing that banks would prefer to earn low interest rates from the ECB rather than lend to each other. The disclosure also hurt the euro, which fell to its lowest level against the dollar since January.

© 2021 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share:

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025 795

+1 (310) 558 0008
+1 (310) 558 0080 (FAX)

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.