US futures reverse course, fall on Europe's crisis

US futures reverse post-election gains and head sharply lower on Europe's burgeoning crisis

Associated Press

NEW YORK (AP) -- Futures are giving up early post-election gains and falling sharply on warnings out of Europe that a broad recession there is now all but certain.

Dow Jones industrial futures are down 93 points to 13,108. The broader S&P futures have given up 8.8 points to 1,416.40. Nasdaq futures are down 16.75 points to 2,659.

All major indexes had been pointing higher Wednesday before the European Union further lowered its expectations for the 27-nation economic bloc. It said European nations will see further declines, and the road back to recovery will take longer because of the viciousness of the continent's debt crisis.

The EU confirmed earlier predictions that the 17 nations that use the euro will tumble into recession soon, and that the entire EU economy will contract.

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