Investors worried about Europe’s debt crisis flaring again. Italy’s nearly complete election results showed a protest campaign led by a comedian making stunning inroads, and center-left and center-right forces wrestling for control of Parliament. The Dow fell 1.6%, the most since Nov. 7. Traders dumped Italian government bonds; the yield on Italy’s 10-year bond shot up to 4.43%. Investors fear the elections will set off another crisis of confidence in the euro. Investors plowed money into US government bonds. The VIX, a gauge of how volatile investors expect stocks to be, surged 34% in the biggest one-day move since August 2011.
February 26, 2013
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