US stocks under pressure after European elections

By PALLAVI GOGOI,AP Business Writer Updated at 2012-05-07 15:49:25 +0000


NEW YORK (AP) — U.S. stocks are under pressure after angry voters in Greece and France rejected painful budget cuts demanded by international lenders.

Investors are uncertain over how the results will affect Europe's plans to rein in spending and keep the euro zone's debt crisis from worsening.

The Dow Jones industrial average was down 32 points to 13,006 shortly before noon Monday. The Standard & Poor's 500 fell less than a point to 1,368. The Nasdaq composite index was barely changed at 2,956.

In Europe, most markets recovered from early losses. Greece was the exception: the main index in Athens plunged 6.6 percent after Greek voters expressed their anger over crippling income cuts by punishing mainstream politicians. French voters also ousted President Nicolas Sarkozy and elected Socialist Francois Hollande.