Stock markets in Europe and the United States have fallen sharply with concern that the eurozone debt crisis could spread to Italy and Spain. The falls came despite interventions by policymakers aimed at restoring calm. The markets in London, Paris and Frankfurt were all down by more than 3%. In the United States, the Dow has closed down 4%. Caroline Hepker reports from New York.
Disastrous was the way one trader on the floor of the New York Stock Exchange described the drop in US shares on Thursday. The reason for the stock market rout is a combination of fears over the sovereign debt crisis in Europe and growing concern about the US recovery. There has been a string of worrying economic data in America in recent days: economic growth slowed to a trickle this year; consumer spending fell in June, and both the manufacturing and the service sector are sluggish.
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