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The fear among investors is that if Spain's borrowing costs climb too high, the country will have to follow Greece, Portugal and Ireland and seek outside help to pay its bills. Those three countries got bailouts after their borrowing rates rose above 7 percent. Worries over Europe drove the dollar to a three-week high against the euro. The euro is trading at $1.31. It was worth $1.33 on March 30. Seven of the ten industry sectors in the S&P 500 index fell Thursday. Telecommunications companies dropped the most, 1.6 percent. Consumer discretionary companies rose 0.7 percent. In U.S. stocks, Constellation Brands, a New York-based wine and spirits company, plunged 13 percent, the most in the S&P 500. The company's forecast for 2013 earnings was well below what analysts were expecting. Constellation's brands include Robert Mondavi wines and Corona Extra beer. Bed Bath & Beyond jumped nearly 9 percent, the most in the S&P 500, after the retailer reported a 25 percent surge in fourth-quarter profit, far more than analysts were forecasting. Sales at stores open for at least a year rose 6.8 percent, well above Wall Street's estimate of 3.8 percent. More stocks fell than rose on the New York Stock Exchange. Volume was light at 3.3 billion shares. Gold closed up $16 to $1,630 per troy ounce, recovering from a big loss the day before. Gold had fallen $58 Wednesday to its lowest level in three months.
[Associated
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