Europe's debt crisis appears to be worsening, with Italy’s 10-year bond yield climbing 30 basis points to 6.67 percent on Monday. The euro fell, as did European stocks, but US stocks turned around by the end of the day to finish up.
Economic reports on Monday had also been negative.
In Europe, retail sales in the euro area fell 0.7 percent in August while German industrial production fell 2.7 percent in September, the biggest decline since January 2009.
The negative reports were not restricted to Europe. Japan reported on Monday that its index of coincident economic indicators fell 1.4 points in September while its index of leading economic indicators fell 2.2 points.
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