Stocks Close Down Sharply Over Anxiety on Economy - NYTimes.com: But the declines began in Asia and in Europe, where an unidentified bank had resorted to borrowing from the European Central Bank, hinting of strains in the banking system that some fear could ripple to the United States. Europe’s chronic debt problem continues to plague the Continent’s banks because so many of their assets are invested in the region’s troubled countries.
Investors rushed into United States Treasuries as a safe haven, despite unease about how the government will address its deficit and economic slowdown. Bond prices rose and the yield on the 10-year bond fell below 2 percent for the first time since at least the early 1960s.
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