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U.S. Stocks Fall on Concern About Euro Exit as Italy Yields Soar

U.S. stocks slumped, driving the Standard & Poor’s 500 Index to its biggest decline since August, amid concern that European leaders may be unable to keep the euro zone intact as Italian yields surged to a record.

Morgan Stanley and Goldman Sachs Group Inc. dropped at least 8.2 percent, following losses in European lenders, after LCH Clearnet SA raised the extra charge it levies on clients for trading Italian government bonds and index-linked securities. General Motors Co. tumbled 11 percent after abandoning its target for European results. Adobe Systems Inc. sank 7.7 percent on plans to cut jobs as it lessens its focus on older products.