Stocks, Euro, Commodities Sink on Concern Over Europe’s Future
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U.S. stocks sank as a surge in Italian bond yields intensified the credit crisis and concern grew that European leaders may be unable to keep the euro zone intact. The euro slid to a one-month low and Treasuries rallied.
The Standard & Poor’s 500 Index lost 3.7 percent to close at 1,229.1 at 4 p.m. in New York, its worst drop in almost three months. The Stoxx Europe 600 Index slid 1.7 percent and yields on Italian government debt climbed to records. The euro fell as much as 2.3 percent to $1.3523, the weakest since Oct. 10. The yield on 10-year Treasuries sank 11 basis points to 1.97 percent. The S&P GSCI Index of commodities lost 1.3 percent as oil retreated from the highest price in three months.