Stocks Sink Further on Weak Spanish Auction

U.S. stocks fell further in the midday trading on  Wednesday as weak Spanish auction added to woe from Fed minutes. The Dow Jones Industrial Average lately fell 144.06 points to 13,055.49. The S&P 500 declined 15.64 points to 1,397.74. The Nasdaq Composite shed 53.15 points to 3,060.42.

Spain’s five-year yields climbed 19 basis points to 4.45%, its loftiest level since January. Spain sold 2.59 billion euros of bonds due between January 2015 and October 2020, versus an intended maximum of 3.5 million.

JPMorgan Chase agreed to pay a $20m fine to settle regulatory allegations that the bank mishandled Lehman Brothers’ customer funds during 22 months until the broker filed for bankruptcy court protection.

Gold and silver futures sank Wednesday, joining a selloff in stocks and commodities. Gold for June delivery slumped $52, or 3.1%, to $1,620 an ounce on the Comex division of the New York Mercantile Exchange. Silver futures also posted sharp losses, with the May contract falling $1.69, or 5%, to $31.57 an ounce.






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