Summary Box: Stocks sink as rates rise in Spain

AP News
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Posted: Nov 17, 2011 5:13 PM
Summary Box: Stocks sink as rates rise in Spain

NOW, SPAIN: An auction of 10-year Spanish government bonds left the country paying interest rates of nearly 7 percent, a level economists consider unsustainable. Greece and Ireland received rescue loans from the European Union after their rates jumped above the same mark.

THE INDEXES: The surge in Spanish bond yields brought new worries about Europe's debt crisis, pushing stocks lower. The Dow dropped 135 points, or 1 percent. The S&P 500 dropped 21, or 1.7 percent.

JOBS NEWS: The number of people seeking unemployment benefits last week fell to the lowest level in 7 months, a sign layoffs are easing.