U.S. stocks fell and the euro edged lower on Wednesday as a consequence of fading optimism about European leaders to make considerable advancement to resolve the euro zone debt crisis at their summit meeting this weekend.
It has been seen that the European Union summit on Sunday will be the forum at which the euro zone countries would make significant progress on expanding the EU bailout fund and recapitalizing banks. But hopes for progress at the EU leaders’ summit this weekend has been undermined.
The Dow Jones industrial average ended down 75.49 points, or 0.65%, at 11,501.56. The Standard & Poor's 500 Index was down 15.63 points, or 1.28%, at 1,209.75. The Nasdaq Composite Index was down 54.41 points, or 2.05%, at 2,603.02.
Technology stocks were the biggest losers on Wall Street. Apple shares fell below USD 400 after the company's revenue and profits came in below estimates for the first time in years on Tuesday as it sold far fewer iPhones than expected.
The euro lost early gains to end unchanged against the U.S. dollar on Wednesday with the renewed doubts about a resolution to the euro zone crisis.
Crude oil futures slumped more than 2.0% on Wednesday, with an afternoon sell-off driven by concern about the euro zone debt crisis. Gold, meanwhile, fell for a third consecutive session.