U.S. stocks fell, driving the Standard & Poor’s 500 Index to its biggest slump since August, on concern that European leaders may be unable to keep the euro zone intact as Italian yields surged to a record.
The Dow Jones Industrial Average dropped 389.24 points, to 11780.94, the biggest one-day slide since Sept. 22. The S&P 500 fell 46.82 points, to 1229.10, while the Nasdaq Composite declined 105.84 points, to 2621.65.
The losses wiped out the previous two days’ gains and pushed the major indexes into negative territory for the month. It also sent the S&P 500 and the Nasdaq back into the red for 2011.
(Source: WSJ / Bloomberg)
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just because Italy and Greece are finally going broke after years of living well beyond their means and borrowing to cover the difference — I can think of another country that is living well beyond its means and borrowing (and printing money) to cover the difference and when their bubble finally bursts……
P.S. I wasn’t talking about Israel.