KKTV - Economy - Headlines

Investors See Spain Rescue As Only 'Temporary Fix'

By: AP
By: AP

NEW YORK (AP) -- Stocks on Wall Street are falling as investors appear skeptical that a deal to lend money to Spanish banks will do much to resolve the debt crisis in Europe.

The Dow Jones industrial average is down 26 points at 12,528. The Standard & Poor's 500 index is down two at 1,324. The Nasdaq composite is down five points at 2,854.

European countries have committed $125 billion to save ailing Spanish banks that are dealing with big losses from a real estate bust. Though the deal helps Spanish banks, one market trader says it's a "temporary fix."

Investors are nervously awaiting an election this weekend in Greece that will help determine whether that country is forced out of the 17-member club of countries that use the euro currency.


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