From Bloomberg:
Stocks and the euro plunged as Italian bond yields surged to euro-era records after a clearing firm increased the deposits it demands for trading the nation’s securities, intensifying the European credit crisis. The dollar strengthened and Treasuries surged.
The Standard & Poor’s 500 Index lost 1.3 percent to 1,259.73 at 9:31 a.m. in New York and the Stoxx Europe 600 Index slid 1.8 percent. The yield on Italy’s five-year note jumped 62 basis points to 7.50 percent. The euro weakened 1.7 percent to $1.3605, driving the Dollar Index up 1.4 percent. The yield on 10-year Treasuries sank 11 basis points to 1.97 percent. Oil fell from a three-month high to help lead commodities lower.....read on
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