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Europe’s debt crisis drags down US stock futures

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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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