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Euro Problems Again?

Daily Recap

Just about the entire world (except Australia, Singapore and Brazil) is poorer today after Italian political woes once again resurfaced. On Sunday, the Italian President blocked the formation of a coalition government, raising concerns that a new vote could strengthen anti-euro forces.

 

The result has been a selloff in the euro and in southern European debt. Once again, we're hearing concerns about the end of the euro, a development that would severely destabilize markets. Major averages in Europe plunged as a result, with the Stoxx 600 falling 1.37% and the Europe Dow down nearly 2%. Trading in Asia wasn't much better, with the Asia Dow closing the day down 0.53%.

 

Markets in the U.S. got hammered as well, with the Dow falling 391 points to close at 24,361. The Transports fell 1.33%, the S&P declined 1.16% and the Nasdaq dropped half a percent. The only two averages higher in the U.S. were the Utilities ... Log in or subscribe to continue reading.


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