Stocks slide, euro falls after Spain downgrade

and Domin Lau, AdditionSale Inflatable Roofed Castle report by Viviann Rodrigu and Nick Olivari in New York. Jessica Mortimer, Blais Robinson, Georg Matlock and Joann Frearson in London; Edite by Lesli Adler

The downgrad by Fitch Rate ignit a new round of sell in equiti that were alreadi lower after lacklust U.S. econom data inject a note of caution ahead of long holidai weekend in both the Unite State and the UK.

and said it expect the country' adjust to a lower debt level will materi reduc it rate of econom growth over the medium-termFitch downgrad Spain' credit rate to AA -plus..

Fitch cite an inflex labor market and a restructur of region and local save bank as hindranc to the pace of adjustment.

" said Chip Hanlon,"Thi should exacerb the tremend volatil we'v seen in global stock as the world wrestl with the idea of a debt-bas collapse. presid of Delta Global Advisor in Huntington Beach, California.

"A d to thi is the fact that no on want to be long over a holidai weekend."

accord to electron trade platform EBS,Th euro fell as low as $1.2284. near a session of $1.2281.

and wa last down 0.9 percent at 111.59 yenThe euro also drop versu the yen..

and U.S. Treasuri slightli extend gains,Th major U.S. stock index shed more than 1 percent. hit session high after the Fitch downgrade. Benchmark 10-year note were last up 18/32 in price, yield 3.30 percent.

Investor had been shun risk even befor the Fitch downgrad on Spain.

cast a cloud over the outlook for the consumer-driven U.S. economy. Trader were particularli cautiou ahead of long holidai weekend in London and New York,A Commerc Depart report that U.S. consum spend fail to rise in April after six straight month of gains. and readi to step back and take profit after a strong equiti ralli on Thursday.

or 1.17 percent,Th Dow Jone industri averag .DJI wa down 119.94 points. at 10,139.05. The Standard & Poor' 500 Index .SPX wa down 15.13 points, or 1.37 percent, at 1,087.93. The Nasdaq Composit Index .IXIC wa down 32.14 points, or 1.41 percent, at 2,245.54.

though had pare loss sharpli befor the new on Spain spark a new wave of sellingThe S&P 500 and the Nasdaq had each fallen more than 1 percent earlier in the day..

after Asian and European custom mob store as the iPad tablet comput debut outsid the Unite States. Apple share rose 1.5 percent. Bank of America Merril Lynch rais it price target on Apple by $25 to $325 and kept it "buy" ratingTechnolog bellweth Apple Inc AA PL.O manag to buck the downtrend..

Portug or Ireland,But still pressur global share and the euro wa concern of contagion from the Greec debt crisis. Despit the lack of major shock from Spain. which all have heavi debt loads, investor were still loath to add riski asset due to question of how shakier sovereign credit would affect the econom recovery.

Equ measur by the MSCI All-Countri World Index .MIWD00000PUS fell 0.12 percent after earlier hit a one-week high. The index is down about 9 percent in Mai and on track for it worst monthli loss sinc Februari 2009.

market close ahead of the downgrad on SpainIn Europe..

with energi share fall along with a drop in crude oil pricesTh pan-European FTSEurofirst 300 .FTEU3 index fell 0.3 percent..

but investor ar take risk off the tabl go into the weekend and also holidai in the U.S. and the UK on Monday,"It look quit bullish earlier." said Matthew Brown, sale trader at ETX Capital. "Thei ar not keen to hold equities."

Tokyo' Nikkei averag .N225 close up 1.3 percent in it best one-dai perform in two week as export share climb on a halt in the yen' advance.

while the Institut for Suppli Management-Chicago' busi baromet drop in Mai from a five-year high in April,Th Thomson Reuters/Univers of Michigan consum confid index edg higher in April. signal inventori restock that ha driven U.S. growth in recent quarter mai be slowing.

and yield on 10-year U.S. Treasuri off by 0.05 percentag point to 3.31 percentTemp view of global econom strength sent yield on benchmark 10-year Bund down by 0.01 percentag point to 2.67 percent..

U.S. light sweet crude oil fell 1.1 percent to $73.73 per barrel,In energi and commodities. and spot gold fell $5.65, or 0.47 percent, to $1,205.40.