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Stocks Worldwide Tumble as Credit Weakens Amid Signs of Distress
Signs of distress in financial markets accumulated amid deepening concern over the health of the global economy, with U.S. stocks sliding to a 22-month low as the cost of protecting against default by junk-rated companies soared to the highest level since 2012. Mining and banking stocks drove the Standard & Poor’s 500 Index to its lowest close since April 2014, even as energy producers erased losses. Investors sought out the safest assets, sending yields on 10-year Treasuries to the lowest level in a year, and rates on Germany’s 10-year bunds to their lowest point since April. Meanwhile, yields on bonds of ... (full story)