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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> NEW YORK (AP) — U.S. stock futures are falling on worries that Europe’s debt crisis will have global repercussions.
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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> 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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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> Traders fear that Greece could default on its debts, and European policymakers are divided over how to handle the crisis.
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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> 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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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> 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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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> 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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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> 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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