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09.11.2011 17:44

U.S. stocks fell

U.S. stocks slumped as a surge in Italian bond yields to euro-era records bolstered concern that Europe’s sovereign debt crisis is worsening. Today’s equity slump erased the month-to-date gain in the S&P 500. Stocks snapped a five-month losing streak in October on optimism European leaders were taking steps to solve region’s debt crisis. Benchmark gauges rose yesterday as Prime Minister Silvio Berlusconi’s offer to resign boosted optimism Italy would appoint a new leader who can tame the crisis. In Greece, Prime Minister George Papandreou will step down after announcing an agreement with the main opposition party on an interim government charged with averting the economy’s collapse.

Dow 11,915.73 -254.45 -2.09%, Nasdaq 2,660.05 -67.44 -2.47%, S&P 500 1,245.56 -30.36 -2.38%

All 10 groups in the S&P 500 fell as gauges of financial, commodity and industrial companies slumped at least 2.3 percent.

Bank of America Corp. (BAC) and Morgan Stanley dropped at least 3.1 percent, following losses in European lenders, after LCH Clearnet SA raised the extra charge it levies on clients for trading Italian government bonds and index-linked securities.

General Motors Co. tumbled 8.6 percent after abandoning its target for European results. The automaker, which hasn’t turned an annual profit in Europe in more than a decade, fell after rescinding its target for break- even results in the region. Europe operations lost $292 million before interest and taxes in the quarter. GM said it no longer expects to break even on an EBIT basis before restructuring costs in Europe, citing “deteriorating economic conditions.”

Adobe Systems Inc. sank 7.7 percent on plans to cut jobs as it lessens its focus on older products. The reduction of 750 jobs, mostly in North America and Europe, will cost $87 million to $94 million before taxes, the company said. After the costs, net income will be 30 cents to 38 cents a share, compared with a previous forecast of 41 cents to 50 cents.

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