Economics
U.S. Stocks, Euro Slump as 10-Year Note Yields Reach 2011 Low
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U.S. stocks and the euro retreated for a third day as concern about Italian banks kept Europe’s debt crisis in focus and Oracle Corp. led technology shares lower. Italian, Irish and Spanish bond yields surged, while the rates on Treasury notes decreased to 2011 lows.
The Standard & Poor’s 500 Index lost 1.2 percent to 1,268.45 at 4 p.m. in New York to leave it down 0.2 percent for the week. The Stoxx Europe 600 Index fell 0.1 percent, erasing a 1.2 percent rally, and the euro sank 0.6 percent to $1.4177. Italy’s 10-year yields climbed to a record above German rates as the cost to protect European sovereign debt reached a record. Corn, silver and energy products led commodities lower.