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Stocks Slide as Europe Slashes Its Growth Forecast

A man walks in front of the New York Stock Exchange
Mario Tama/Getty Images

Stocks are opening sharply lower on Wall Street following the presidential election and dire warnings from Europe that a broad recession there is now all but certain.

Index futures had been higher early Wednesday but reversed course after the European Union slashed its growth forecast for next year, sending European stock markets sharply lower.

The Dow Jones industrial average fell 196 points to 13,046 points shortly after the opening bell.

The Standard & Poor’s 500 index lost 17 points to 1,411 and the Nasdaq composite was off 37 points at 2,974.

European markets gave up early gains and turned sharply lower. Investors are also worried about what Washington will do about looming tax increases and government spending cuts.

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Copyright 2012 by The Associated Press. All rights reserved. Material may not be redistributed.

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