Sept. 6 - Summary of business headlines: US Stocks tumble on Tuesday on euro zone debt jitters; Banks lose ground; ISM services encouraging; Groupon puts IPO on hold; Sprint sues to stop AT&T-T-Mobile deal.
Wall Street took a tumble on Tuesday. The third down day in a row. The key concerns- worries about the euro zone's debt crisis and the outlook for the global economy: Stephen Freedman of UBS: SOUNDBITE: STEPHEN FREEDMAN, HEAD OF INVESTMENT STRATEGY, UBS WEALTH MANAGEMENT, AMERICAS (ENGLISH) SAYING: "There really are some genuine concerns here because it really has been the case that ever since this crisis starting with Greece erupting that European policy makers have really been behind the curve. They have indeed adopted very far reaching measures but they have always done this somewhat too little somewhat too late. and for the time being we don't really see that there is the political will to really come up with a comprehensive solution that would put market fears to rest. " Among the biggest decliners: major banks, facing a growing number of subprime mortgage-related lawsuits. One bright spot in the day's news: a better than expected report on the services sector. But the report also showed a slower pace of hiring- another confirmation of the weak jobs market. Groupon is putting the final phase of its initial public offering on hold for at least a couple of weeks according to a source- because regulators still have some questions. The daily deals website filed for a $750 million IPO in June and had been planning to go public in mid to late September. Sprint Nextel is suing to stop AT&T's $39 billion deal to buy T-Mobile USA. The private lawsuit is in addition to the US government's challenge to the deal . Sprint says the combination would create a duopoly between AT&T and Verizon and lead to higher consumer prices. At the closing bell in New York, the arrows were all down, though the markets had pulled back from the days worst levels. In Europe, The Swiss National Bank shocked the foreign exchange markets by saying it was setting a minimum exchange rate target of 1.20 francs to the euro. As for the stock markets, stocks were mostly lower on worries about the debt crisis in the region. Bobbi Rebell, Reuters.