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Midday Market Update

Stocks Fall on Irish Bailout; Tyson, M&A in Focus

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U.S. Market
Stocks took direction from Europe and were mostly lower at midday following the Sunday announcement that Ireland formally applied for a multi-billion-euro aid package from the European Union and the International Monetary Fund, which both stated they would agree to the bailout. This news increased investor concerns about potential debt problems elsewhere the eurozone, and Moody's (MCO) announced that it will likely downgrade Ireland's sovereign-credit rating.

No major economic data was scheduled for Monday, though agencies will deliver a number of weekly, monthly, and quarterly reports Tuesday and Wednesday in this holiday-shortened week.

Kevin O'Shaughnessy does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.