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Stocks slip as Italian bond sale renews euro fears
THE stock market fell yesterday after a jump in Italy’s borrowing costs reminded investors of how much work remains to be done to contain Europe’s debt problems.
The Dow Jones industrial average lost nearly 75 points. European markets also fell and the euro weakened against the dollar.
Major indexes closed higher last week as Greece and Italy took steps toward getting their debt troubles under control. New governments are taking over in both countries, which are at the center of the crisis.
But worrisome signs about Europe re-emerged yesterday. The Italian government had to pay the highest rate at an auction of five-year bonds since 1997. That’s a sign investors are still concerned about Italy’s ability to repay its debts. And Italy’s biggest bank, Unicredit, reported a US$14.4 billion loss.
“The problems these countries are dealing with go well beyond their prime ministers,” said Dan Greenhaus, chief global strategist at the brokerage BTIG. “Italy didn’t get where it is in five minutes. And it’s not going to get out of where it is in five minutes. This is going to take months.”
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