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NEW YORK (AP) — U.S. stock futures are falling on worries that
Europe’s debt crisis will have global repercussions.
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European markets are down sharply Monday. U.S. Treasury prices are
rising, pushing yields near their lows for the year, as traders
seek safety in bonds backed by the world’s largest economy. The
yield on the 10-year note fell to 1.90 percent.
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Traders fear that Greece could default on its debts, and European
policymakers are divided over how to handle the crisis.
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A default by Greece or one of the continent’s other heavily
indebted governments could ripple through the global banking system
and make it more difficult for other European countries to borrow
money. Economists worry that Europe’s financial crisis could tip a
weakening U.S. economy into another recession.
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The resignation of a key European Central Bank official combined
with worries over a new recession in the United States led to a
large stock market sell-off on Friday. The Dow Jones industrial
average and Standard & Poor’s 500 index have fallen for six of
the past seven weeks.
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Thirty minutes before the opening bell Monday, Dow futures are down
177 points, or 1.6 percent, to 10,772. S&P 500 index futures
are down 19, or 1.6 percent, to 1,133. Nasdaq 100 futures are down
31, or 1.5 percent, to 2,133.
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McGraw-Hill Cos. is up 2.6 percent in premarket trading. The
company announced early Monday that it will split into two public
companies with one unit focused on education services and the other
centered on markets, including the rating agency Standard &
Poor’s and J.D. Power and Associates. Investors had been pushing
the company to find ways to lift its stock price, which has dropped
more than 40 percent since 2006.
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