dark red fluid

I just picked up vehicle, 2003 Taures Wagon w/130,000 on it. I had it inspected and new brakes. Came out this morning, started and was warming it up. I CAME BACK OUT AND THERE IS DARK RED STUFF SPRAYING OUT IN FRONT OF DRIVER FRONT TIRE. I don't know if it is PS fluid or brake fluid. Oh yeah, the engine squeals and gets louder as I go faster. PLEASE HELP. I have the worst luck with vehicles.

I would guess transmission fluid (cooler lines) is leaking

I agree with Airjer

I have the worst luck with vehicles.

This is not luck. Any higher-mileage used car like this one will need fairly frequent repairs. It's been used a lot and lots of the original parts are nearing the end of their lifespans.
Obviously this is why such cars are so cheap to buy :)

Thanks Airjer and MagicRat, had a friend find holes in tranny coolant lines. Replaced and OK. As far as squealing goes, we replaced bad accessory pulley, tension pulley and belt. Also discovered when belt was off that the alternator was real noisey when spun. We had to go to 3 different parts stores to find a rebuilt alternator that didn't sound crappy when we spun it by hand. Got one from advance which was the best of the three. We replaced the alternator, put everything back together and the car ran great and QUIET. I got 30 miles down the road and the squeal is back worse than ever. It sure didn't take long to act up. $200.00 for a rebuilt alternator? That doesn't last a half hour? Now I am stuck with using advance again for a warranty. If all they do is clean them up and replace brushes, how can they charge 200? They still sound like crap. I should have taken my old alternator to a shop that rebuilds them right, but, like I said, I am stuck in a warranty whirlpool now. Any guidance other than I shoukd have?

Oh Boy,

I just had the sister-in-law's 97 Taurus GL worked on----the power steering on the 97 also has a cooler line running along the tranny cooler set up in that vehicle--I found out----up front under the radiator. Because you mentioned squealing, I would check the level of fluid in the power steering pump asap--the squealing is most likely due to loss of fluid there..... The repair for us including replacing the steering rack. It was a big money setback for this beater that I bought in July for her! It started with a line break and steering fluid spraying as mist up at the front of the engine. If I had not caught it, it would have likely taken out the alternator I had just replaced a month earlier. I do a lot of my own work but the rack was way beyond me due to mechanical issues and its location.