Dow Plunges 3.2% on Fears That Euro Crisis Spreading
Wednesday, 09 Nov 2011 09:58 AM
Trouble on two fronts in Europe's debt crisis dragged the Dow Jones Industrial Average down 389 points Wednesday. The S&P 500 lost 3.7 percent, its biggest one-day drop since August, after Italy's borrowing costs soared and talks collapsed in Greece on forming a new government.
The euro dropped 2 percent against the dollar and Treasury yields sank as money moved out of Europe and traders bought U.S. government bonds. Goldman Sachs, Morgan Stanley and other large banks were hit hard on worries over their ability to handle a financial crisis that might be brought on by trouble in Europe.
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