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European stocks dropped for a second day, to the lowest level in almost four months, as investors awaited a resolution to the political impasse in Greece and as Spanish credit risk surged.

The stand-off since the inconclusive May 6 election has reignited concerns over Greece’s ability to comply with the terms of its two bailouts negotiated since May 2010. The country is again facing the risk of an exit from the euro.

Spanish 10-year government bonds extended a decline, pushing the yield on the securities above 6 percent for the first time since April 27. The yield climbed 20 basis points, or 0.17 percentage points, to 6.04 percent.

National benchmark indexes fell in 15 of the 18 western- European markets. France’s CAC 40 lost 0.2 percent and the U.K.’s FTSE 100 declined 0.4 percent, while Germany’s DAX added 0.5 percent. Spain’s IBEX 35 Index sank 2.8 percent, its lowest close since October, 2003.

The cost of insuring against a Spanish default surged to a record on concern a bailout of Bankia won’t fend of a banking crisis triggered by bad real-estate loans. Bankia tumbled 5.4 percent to 2.14 euros, the lowest since it listed its shares in July 2011, as JPMorgan Chase & Co. downgraded the Spanish lender to underweight, the equivalent of a sell recommendation.

Banco Santander SA, Spain’s largest lender, dropped 4.6 percent to 4.64 euros and Banco Bilbao Vizcaya Argentaria SA retreated 4.7 percent to 5.01 euros.

ING paced advancing shares, climbing 1.8 percent to 5.09 euros. The biggest Dutch financial-services company reported earnings excluding one-time gains and losses of 705 million euros, surpassing the 632 million-euro estimate of analysts.

Carlsberg jumped 3.8 percent to 490 kroner as the world’s fourth-biggest brewer confirmed its full-year outlook. The company reported a 43 percent drop in first-quarter operating profit, excluding some items, to 574 million kroner ($100 million) as it sold less beer in Russia. That missed the average analyst projection for 845 million kroner.

The Dow Jones Industrial Average dropped for a sixth straight day, the longest losing streak since August, as Greece’s political impasse intensified concern about a worsening of the European sovereign-debt crisis.

Stocks slumped and Spanish default risk climbed to a record as Alexis Tsipras of Greece’s Syriza party squared off with political leaders before talks on forming a coalition, handing them an ultimatum to renounce support for the European Union-led rescue if they want to enter government.

Equities pared losses as German Chancellor Angela Merkel told a German newspaper she wants to keep Greece in the euro area.

Financial and industrial shares fell the most among 10 groups in the Standard & Poor’s 500 Index. General Electric Co. (GE) and JPMorgan Chase & Co. (JPM) each slid 1.8 percent to pace losses among the biggest companies.

Dean Foods Co. rose 9.6 percent, the most in the S&P 500, to $13.95. The biggest U.S. dairy processor boosted its full- year forecast, saying it now expects to earn at least $1.10 a share. Analysts, on average, estimated 95 cents.

Arena Pharmaceuticals Inc. increased 6.4 percent to $3.64. The biopharmaceutical company was raised to outperform from market perform at BMO Capital Markets. The rating means that Arena is forecast to beat the market.

Walt Disney Co. (DIS) jumped 2.4 percent to $45.37, a record high. The world’s largest entertainment company said fiscal second-quarter earnings rose 21 percent, beating analysts’ estimates on rising theme-park and cable-television profits.

Resistance 3:1402 (May 3 high)

Resistance 2:1388 (area of May 4 high)

Resistance 1:1370 (May 7-8 highs)

Current price: 1345,50

Support 1:1342 (session low, May 8 low)

Support 2:1330 (38,2 % FIBO 1197-1420)

Support 3:1300 (area of 50,0 % FIBO 1197-1420, psychological level)

U.S. stock futures fell as Greece’s political impasse intensified concern about a worsening of the European sovereign-debt crisis.

Global Stocks:

Nikkei  9,045.06 -136.59 -1.49%

Hang Seng 20,330.64 -154.11 -0.75%

Shanghai Composite 2,408.59 -40.30 -1.65%

FTSE  5,478.08 -76.47 -1.38%

CAC  3,080.66 -44.14 -1.41%

DAX 6,387.54 -57.20 -0.89%

Crude oil $95.78 (-1.27%)

Gold $1586.40 (-1.13%)

Asian stocks dropped, with the regional benchmark index heading for its lowest close in more than three months, as political tension in Greece heightened concern Europe’s debt crisis may worsen, weakening the outlook for exporters in Asia.

Nikkei 225 9,045.06 -136.59 -1.49%

Hang Seng 20,321.64 -163.11 -0.80%

S&P/ASX 200 4,275.1 -39.25 -0.91%

Shanghai Composite 2,408.59 -40.30 -1.65%

Mitsubishi Motors Corp., an automaker that gets 27 percent of its sales from Europe, dropped 2.3 percent in Tokyo.

Qantas Airways Ltd., Australia’s largest carrier, slid 2.3 percent in Sydney after the government boosted imposts on airfares and scrapped a planned corporate tax cut to end four years of budget deficits.

Cosco Corp. Singapore Ltd. fell 3.5 percent after the shipbuilding unit of China’s biggest shipping company posted first-quarter earnings that missed analysts’ estimates.

Asian stocks rose as Capcom Co. forecast higher profit and Mitsubishi Corp. posted better-than- estimated earnings, helping the regional benchmark index rebound after political change in Europe sparked its biggest loss in six months yesterday.

Nikkei 225 9,181.65 +62.51 +0.69%

Hang Seng 20,424.68 -111.97 -0.55%

S&P/ASX 200 4,314.3 +13.01 +0.30%

Shanghai Composite 2,448.88 -3.06 -0.12%

Capcom jumped 5.3 percent in Tokyo after the video-game developer said full-year net income will increase 46 percent.

Mitsubishi, Japan’s biggest trading house, gained 3.7 percent after reporting profit that topped estimates.

Iluka Resources Ltd. slumped 12 percent in Sydney after the world’s largest zircon producer cut its forecast for the mineral.

Change % Change Last

Nikkei 225 9,181.65 +62.51 +0.69%

Hang Seng 20,424.68 -111.97 -0.55%

S&P/ASX 200 4,314.3 +13.01 +0.30%

Shanghai Composite 2,448.88 -3.06 -0.12%