Markets Tumble on Signs of Weak Global Economy
Business + Economy

Markets Tumble on Signs of Weak Global Economy

NEW YORK (AP) — Stocks are plunging in another broad sell-off as investors grow concerned about an economic slowdown in the U.S. and Europe.

The Dow Jones industrial average dove more than 350 points, erasing its gains for the year.

The latest sign of weakness in the U.S. economy was a report that the number of first-time claims for unemployment edged only slightly lower last week. It is the latest sign that the job market remains stagnant.

European stocks fell more than 3 percent because of concerns that Italy or Spain may need help from the European Union.

Dow is down 359 points, or 3 percent, to 11,538 in midday trading. The S&P 500 is down 42, or 3.4 percent, to 1,218. The Nasdaq composite is down 94, or 3.5 percent, to 2,598.

Copyright 2011 The Associated Press.