Stocks Slide, 10-Year Treasury Yield at Record Low; Franc Drops |
| BusinessWeek - Sep 6, 2011 |
U.S. and European equities sank, while 10-year Treasury yields slid to a record, amid growing concern Europe’s debt crisis is worsening. The franc weakened the most since the creation of the euro as the Swiss central bank set a ceiling on the exchange rate.
The Standard & Poor’s 500 lost 1.2 percent at 9:30 a.m. in New York and the Euro Stoxx 50 Index slipped 1.6 percent, after earlier advancing as much as 1.5 percent. The franc depreciated 7.7 percent versus the euro. Gold retreated 0.4 percent after climbing 1.1 percent to $1,921.15 an ounce, an all-time high. Ten-year Treasury yields slid six basis points to 1.94 percent.
Stocks sank before a private report forecast by economists to show that U.S. service industries grew at the slowest pace in more than a year, adding to concern the world’s largest economy is weakening after employment growth ground to a halt in August. Policy makers are “aiming for a substantial and sustained weakening of the franc,” the Swiss National Bank said in an e- mailed statement today, saying it’s prepared to spend unlimited quantities of currency to preserve it above 1.20 per euro after investors pursued the currency as a haven.
Read Full Article from BusinessWeek
- Posted: 2011-09-06 09:48:35
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