Stocks Off On Spain Downgrade; Dow Off 8% In May

NEW YORK -- Stocks have closed out their worst month in more than a year by sliding again on unsettling news about Europe.

The market fell as Fitch Ratings gave Spanish government debt its second credit ratings downgrade in a month.

The rating agency's action is another reminder of the long-term economic problems still facing Europe and the rest of the world.

Major indexes are down about 1 percent. The Dow Jones industrials are down 122 at 10,136 and off 7.9 percent for May.

The Standard & Poor's 500 index has lost 13 and closed at 1,089. It lost 8.2 percent during May.

Both indexes had their biggest monthly losses since February 2009.

The Nasdaq composite index is down 20 at 2,257.

More than two stocks fell for every one that rose on the New York Stock Exchange.

Volume came to a heavy 1.45 billion shares as investors decided to sell some of their holdings ahead of the three-day weekend.


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