NEW YORK (AP) – Stocks fell again Wednesday on concerns that spiraling debt loads in Europe will derail an economic recovery.

Major U.S. stocks indexes pulled off their lowest levels that came shortly after the opening bell. The Dow Jones industrial average fell about 15 points in morning trading after being down more than 100.

European markets fell again, a day after world markets tumbled. There is uncertainty about whether a $144 billion aid package for Greece will help stem the growing debt crisis. German Chancellor Angela Merkel asked her country’s lawmakers to rush the approval of Germany’s $29.3 billion share of the Greek rescue program.

Stocks plunged around the world Tuesday as fears escalated that Europe might fail to contain Greece’s debt problems. The Dow fell 225 points, its biggest drop in three months.

Investors worry that Europe would have trouble bailing out larger countries like Spain and Portugal because the continent’s governments spent so much supporting Greece. Moody’s Investors Service warned it could cut Portugal’s credit rating two notches in the next three months.

There are also concerns that the large debt among European nations could upend a global economic recovery.

Analysts have said that the problems, over the long term, could lead to a collapse of the euro. Sixteen countries use the common currency. The euro fell against the dollar, hitting its lowest level in 14 months. With investors bailing out of riskier stocks and the euro, the price of U.S. Treasurys rose sharply.

Swings in the market have increased in the past week as investors’ focus alternates between worries about European debt problems and further signs of U.S. economic growth. Tuesday was the fifth time in six days the Dow had moved by more than 100 points.

Kevin Mahn, chief investment officer at Hennion & Walsh in Parsippany, N.J., said the concerns about debt loads are real but not new. He said investors had been looking for an excuse to sell stocks after the market’s steep 14-month climb. Mahn expects the big back-and-forth moves will continue.

“I think it’s going to be more of an extended pause than a correction,” Mahn said.

In late morning trading, the Dow fell 15.27, or 0.1 percent, to 10,911.50. It had been down 107 points in early trading.

The broader Standard & Poor’s 500 index fell 3.08, or 0.3 percent, to 1,170.52, while the Nasdaq composite index dropped 12.67, or 0.5 percent, to 2,411.58.

Bond prices rose, pushing down interest rates. The yield on the benchmark 10-year Treasury note fell to 3.56 percent from 3.60 percent late Tuesday.

Gold fell. Crude oil fell $2.07 to $80.67 per barrel on the New York Mercantile Exchange.

Investors looking for continued signs of a domestic recovery received another encouraging sign on employment Wednesday. Payroll company ADP said private employers added 32,000 jobs last month. That was slightly above expectations.

The ADP report is seen an early indicator of the government’s closely watched monthly employment report, though there are often wide variations because the ADP only accounts for private-sector jobs.

The Labor Department is expected to report on Friday that the unemployment rate was unchanged at 9.7 percent last month as employers added 200,000 jobs.

High unemployment is considered one of the main stumbling blocks for a sustained recovery of the domestic economy. Adding new jobs would provide investors reassurance that the ongoing rebound remains on track.

Meanwhile, a trade group said that services industries expanded in April at a slower pace than economists expected. The Institute for Supply Management said its service sector index was unchanged at 55.4 in April from March. Analysts expected an increase.

Three stocks fell for every one that rose on the New York Stock Exchange, where volume came to 503 million shares, compared with 396 million traded at the same point Tuesday.

The Russell 2000 index of smaller companies fell 5.36, or 0.8 percent, to 704.34.

In afternoon trading, Britain’s FTSE 100 fell 1.2 percent, Germany’s DAX index dropped 0.6 percent, and France’s CAC-40 fell 0.9 percent.

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