News Alert: U.S. Stock Indexes Tumble by Over 3% on Fears About Italy's Debt
Breaking News Alert
The New York Times
Wednesday, November 9, 2011 -- 4:05 PM EST
-----
U.S. Stock Indexes Tumble by Over 3% on Fears About Italy’s Debt
Stocks plummeted Wednesday and European bond yields rose to worrying levels on fears that Europe’s sovereign debt crisis was widening.
As trading came to an end on Wall Street, the Dow Jones industrial average was down nearly 390 points, or more than 3 percent. The broader Standard & Poor’s index was off about 3.7 percent, with bank stocks hit the hardest.
European shares fared little better, and the euro tumbled. Bond yields in Italy, one of Europe’s largest economies, surpassed 7 percent, approaching the level that had sent other euro zone nations to seek bailouts. Spanish and French bond yields also rose, amid fears that the contagion could spread further.
Read More:
http://www.nytimes.com/?emc=na
