NEW YORK ? Stocks have closed lower after a jump in Italy's borrowing costs reminded investors of how much work remains to be done to contain Europe's debt problems.
The Italian government had to pay the highest rate at an auction of five-year bonds since 1997. That's a sign investors are still concerned about Italy's ability to repay its debts. And Italy's biggest bank, Unicredit, reported a $14.4 billion loss.
The Dow Jones industrial average fell 75 points, or 0.6 percent, to close at 12,079. Bank stocks lost the most.
The S&P 500 fell 12 points, or 1 percent, to 1,252. The Nasdaq composite fell 22, or 0.8 percent, to 2,657.
Three stocks fell for every one that rose on the New York Stock Exchange. Volume was light at 3 billion shares.
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