New York – Stocks have ended October with steep losses. Investors are worried about the collapse of the brokerage MF Global and missing details in Europe’s plan to contain the Greek debt crisis.
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Despite the losses Monday, the S&P 500 index still had its best month since December 1991.
Bank stocks fell after MF Global filed for bankruptcy. Last week the company’s debt was downgraded to junk on concerns about its holdings of European debt.
The Dow Jones industrial average fell 276 points, or 2.3 percent, to close at 11,955.
The S&P 500 index fell 32, or 2.5 percent, to 1,253. The Nasdaq fell 53, or 1.9 percent, to 2,684.
Five stocks fell for every one that rose on the New York Stock Exchange. Volume was average at 4.2 billion shares.
For the same reason the stock market rallied last week it slumped this week, What a fraud of a system.
A wise VIN reader posted last week that this would happen.