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.