Posted on July 20, 2012 at 9:18 AM
NEW YORK -- U.S. stocks are opening lower, pushed down by troubling news about the debt crisis in Europe.
The Dow Jones industrial average is down 76 points to 12,867 in early trading Friday. The Standard & Poor’s 500 is down eight to 1,369. The Nasdaq composite index is down 13 to 2,952.
Bank stocks are down after many big lenders reported disappointing earnings. Tech stocks, including Google and Microsoft, are up. Google’s earnings rose as it persuaded users to click more often on online ads.
In Europe, the countries that use the euro officially approved a bailout for Spanish banks. But Spain’s major stock index is down 4 percent after the country predicted its recession will drag into 2013. Protestors took the streets to show disapproval for government spending cuts.