Wednesday, November 9, 2011

Dow Down 385: U.S. stocks dive as Italian yields rise

NEW YORK (MarketWatch) 2:54 p.m. — U.S. stock indexes dropped sharply Wednesday as Italy’s borrowing costs shot up to levels seen as unsustainable, further worsening Europe’s credit mess. “Those Italian bond yields run up and the market takes a dump, I think it’s a reflection of the concerns that are still out there. There is nothing new; I don’t think long-term investors are running for the door because Silvio Berlusconi is no longer going to be [Italy’s] prime minister,” said Bob Pavlik, chief market strategist at Banyan Partners. Worst year for bank revenue since ‘38 The fallout from Europe's debt crisis underscores the fragility of the U.S. financial system and its overseas exposure, according to analyst Mike Mayo, who also discusses the Occupy protest movement and what stocks he still likes. The Dow Jones Industrial Average DJIA -3.08% skidded 276.54 points to 11,893.64, with all of its 30 components on the run.


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