Stocks Plunge On Growing Concerns

U.S. stocks followed world stocks lower and set new 2010 lows, as European debt contagion concerns and growing tensions in Korea have investors moving to less risky assets.

The Dow is down 211 points to 9855, easily breaching the key 10,000 psychological level. The S&P is down 27 to 1047 after briefly crossing through the 1,044.50 February 2010 low. The Nasdaq is down 53.

In Europe, Spain is now a major focus. Four banks in the country agreed to merge as regulators seek to strengthen the banking sector. All the major stock indices in Europe are lower, heading in to the close there. The FTSE 100 is down 2.8%, the DAX down 2.9% and the CAC 40 is down 3.8%.

In Asia, tensions between North and South Korea are mounting following the sinking of a South Korean boat by the North on March 26 that left 46 sailors dead. Earlier, reports surfaced that North Korea was on a heightened military alert, but those reports now seem premature.

Stock in Asia fell overnight. The Nikkei 225 was down 3.1%, the Hang Sen fell 3.5% and the Strait Times fell 2.7%.

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