A rally that has pushed major indexes close to record highs stalled Thursday as stocks slumped. Weaker corporate earnings and worries about Europe overshadowed signs the US economy is getting healthier. News Corp. fell 2.3% after it cut its annual profit forecast. And traders fretted that a rising euro could further harm the region’s fragile economy. ‘You could have very weak growth in Europe for the next five or 10 years,’ said Michael Sheldon, chief strategist at RDM Financial. Europe has returned to investor’s radars after months of relative quiet. On Monday, stocks fell partly because of a spike in borrowing costs for Italy and Spain.
Stocks retreat as Europe, earnings weigh on market
February 08, 2013
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