U.S. Stocks Slump With No Concrete Action In Europe

Even in bad stock market years, families may still want to contribute to 529 plans.

Even in bad stock market years, families may still want to contribute to 529 plans.

Associated Press + More

By CHRISTINA REXRODE, Associated Press

NEW YORK (AP) — U.S. stocks are sliding after the European Central Bank failed to take any decisive action for solving the region's debt crisis.

Hopes had been high that the ECB would roll out concrete steps after president Mario Draghi promised last week to do "whatever it takes" to keep the union of the 17 countries that use the euro intact.

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The Dow Jones industrial average is down 86 at 12,885. The S&P 500 is down 11 to 1,365. The Nasdaq composite index is down 17 to 2,903.

Knight Capital, the company that Wednesday took the blame for a technical glitch that sent trading briefly into chaos, plunged 49 percent, losing $3.40 to $3.54.

Abercrombie & Fitch and Aeropostale are also down sharply after pre-announcing disappointing second-quarter sales.

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