News Summary: US stocks fall sharply after rally

Last Updated: Mon, Feb 04, 2013 22:15 hrs

: U.S. stock indexes had their biggest declines of the year Monday, the first trading day after the Dow Jones industrial average closed at its highest level since the financial crisis.

WHAT GOES UP: Friday was only the tenth time in its history that the Dow closed above 14,000. The first was in July 2007; the rest were in October of that year. The index closed Friday just 155 points shy of its record high, set that October.

ROMAN HOLIDAY: Fear about Europe's finances was partly to blame. European stocks fell sharply on concerns about political stability in Italy and Spain, whose leaders have imposed harsh austerity measures.

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