Stocks, Euro, Commodities Fall as Rating Companies Assess Summit
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Stocks, the euro and commodities tumbled as Moody’s Investors Service and Fitch Ratings said last week’s summit did little to ease pressure on Europe’s struggling governments. Intel Corp. led a retreat in technology companies after cutting its fourth-quarter revenue forecast.
The Standard & Poor’s 500 Index lost 1.5 percent to 1,236.47 at 4 p.m. in New York and the Stoxx Europe 600 Index tumbled 1.9 percent. The euro weakened 1.5 percent to $1.3187, approaching its 2011 low. The 10-year Italian bond yield increased 20 basis points after earlier surging as much as 43 points. The cost of insuring against default on European government debt approached a record. Zinc and cotton lost at least 3.4 percent and natural gas slid to a 27-month low.