US stocks slide on Europe concerns

US stocks slide on Europe concernsNew York, Dec 29 : US stocks continued to decline during mid-day trading Wednesday as European banks deposited record amount of cash in the European Central Bank.

Italy Wednesday successfully sold 9-billion-euro 6-month bonds at 3.251 percent, just half of the 6.4 percent yield last month, which indicated that the country's borrowing cost has significantly decreased, Xinhua reports.

However, the positive news failed to lift optimism in the stock market as uncertainties still remained in the eurozone.

The European Central Bank said European banks deposited a record of 452 billion euros overnight at the bank, reflecting that the banks were reluctant to purchase European sovereign debt as the central bank had hoped and also lacked mutual trust to lend to one other.

The Dow Jones industrial average lost 15.97 points, or 0.13 percent, to 12,275.38. The Standard & Poor's 500 was down 4.86 points, or 0.38 percent, to 1,260.50. The Nasdaq Composite Index fell 13.16 points, or 0.50 percent, to
2,612.12.(IANS)