Europe causes volatility again

2011-10-20 12:58:33

German leaders and lawmakers made statements on Wednesday where they doubted the fact that the debt bailout fund will be formed on time and
that it would actually help several EU countries to avoid default. Stock exchange market reacted immediately as stocks suffered their worst loss in
two weeks on Monday after comments from Germany's finance minister caused investors to fear Europe's solution to its debt crisis may not come
fast enough. The rapid rally left the market susceptible to swift declines. German Finance Minister Wolfgang Schaeuble, speaking of an October 23
European Union summit on the debt crisis, tempered enthusiasm, saying, "we won't have a definitive solution this weekend." U.S. bank earnings
also contributed to the selling pressure. Wells Fargo & Co shares fell 8.4 percent to $24.42 after the U.S. lender financial results fell short of