European Stocks Drop to Two-Year Low; SocGen Leads Banks Lower
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European stocks fell to a two-year low amid speculation the region’s debt crisis is spreading and as the Federal Reserve’s plan to hold interest rates failed to ease concern that the economic recovery is stalling.
Societe Generale SA, France’s second-biggest lender, plunged 15 percent as a measure of banks tumbled the most in two years. Kloeckner & Co. SE sank 26 percent as earnings trailed projections. EON AG plummeted the most on record, dragging Germany’s DAX Index down the most since 2008, as the nation’s largest utility said it will eliminate more than 10 percent of its workforce and cut dividends.