US stocks are sunk by Europe fears

Stocks tumbled on escalating concerns about global growth prospects, especially in Europe, as new data showed deepening stresses in the continent’s economy and remarks from a leading policy maker highlighted the lack of consensus in dealing with the slowdown. The Dow Jones Industrial Average slid nearly 273 points, or 1.6%, its worst daily decline since July and fourth-biggest point drop of the year. The slump in US share prices followed big losses in German, French and UK stock markets. Nervous investors headed to safe-haven government bonds and drove up the value of the yen, which often rises in times of market turmoil. The dollar,which has been on a three-month tear, fell. The yen continued to strengthen early Wednesday in Asia, with stocks plunging in response to overseas markets. Japan’s Nikkei Stock Average fell 1.5% in early trading, according to wsj.com