U.S. Stocks Lower After Failed German Bund Auction
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U.S. stocks are under pressure early Wednesday after a German bund auction failed to attract bids for the entire issue.
About a half hour from the opening bell, the Dow Jones is down nearly 117 points to 11,376, the Nasdaq is down almost 28 points, and the S&P 500 is down about 14.
Germany was planning to issue EUR 6 billion of 10-year bunds, but only sold EUR 3.64 at an average yield of 1.98%. The bid-to-cover ratio was weak at just 1:1.
Some said the failed auction reflected lack of confidence in the euro, versus a lack of faith in the German government.
About a half hour from the opening bell, the Dow Jones is down nearly 117 points to 11,376, the Nasdaq is down almost 28 points, and the S&P 500 is down about 14.
Germany was planning to issue EUR 6 billion of 10-year bunds, but only sold EUR 3.64 at an average yield of 1.98%. The bid-to-cover ratio was weak at just 1:1.
Some said the failed auction reflected lack of confidence in the euro, versus a lack of faith in the German government.
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