Europe Scared, Wall Street Worried

[SoCalDem]

Breaking News
Europe Scared, Wall Street Worried

http://www.smartmoney.com/bn/index.cfm?story=20040315085007
By Igor Greenwald
March 15, 2004
EUROPEAN MARKETS SHOOK and Wall Street shuddered Monday as mounting evidence of al Qaeda's involvement in last week's deadly Madrid train bombings cost the U.S. an important ally.

The Dow slumped 137 points to 10103, while the Nasdaq dropped 46 to 1939. The S&P 500 fell 16 to 1104, nose-diving as the closing bell neared to join the other gauges at the year's lows.

Energy suppliers and home builders held up best. Techs, financials, airlines, broadcasters and chemicals producers endured another adverse reaction. United Technologies (UTX) was the lone blue chip to escape unscathed.

Spain's conservative government suffered a surprise loss in Sunday's election, angry voters replacing one of President Bush's closest allies in the war on terror with an opposition leader who immediately vowed to pull Spanish troops out of Iraq. "The war has been a disaster, the occupation continues to be a disaster. It has only caused violence," said Spain's next prime minister.

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