NEW YORK — The Dow Jones industrial average closed below 10,000 for the first time in three months Monday on nagging concerns about debt loads in Europe.
The Dow, down almost 104 points, had its 10th triple-digit move in 16 trading days. Shares of big banks pulled the market lower, extending a slump that has led to four straight weekly losses.
Mounting deficits in weaker European economies, including Greece, Portugal and Spain, have raised questions about the health of the global financial system. That compounded concerns about growth in China, and proposed U.S. bank regulations took the market down from a 15-month high in January.
Greece’s finance minister said Monday the government is preparing to boost some taxes to shore up its finances. But civil servants opposed to cutbacks have pledged to strike Wednesday.
Brett Hryb, a portfolio manager with MFC Global Investment Management in Toronto, said the latest concern is that the financial troubles in a country such as Greece, whose economy is small compared with the rest of Europe, will spill into other countries.
“Clearly, Greece itself is nothing. It’s just a blip. It’s what the contagion could be (that spurs fears),” he said.
Monday’s drop extends the stumble that the market began in mid-January. At that time, China announced plans to contain economic growth, and the Obama administration proposed rules to restrict trading by large financial institutions.
The Dow fell 103.84, or 1 percent, to 9,908.39. On Thursday, the Dow traded below 10,000 for the first time since November. It hadn’t closed below that mark since Nov. 4.
The Dow is still up 51.3 percent since March.
The broader Standard & Poor’s 500 index fell 9.45, or 0.9 percent, to 1,056.74, while the Nasdaq composite index fell 15.07, or 0.7 percent, to 2,126.05.
