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U.S. stocks, bond yields drop on Europe worries
Question of the Day
The euro dropped 0.5 percent against the dollar, to $1.3124 in late trading Monday from $1.3208 late Friday. It was worth almost $1.50 in May.
European stocks sank. French and Spanish stock markets closed down 1.6 percent. Italian stocks closed down 1.2 percent and German stocks 1 percent.
Among stocks making big moves Friday:
• The fast food chain Wendy’s fell 3.8 percent. The Wendy’s Co. said a key measure of earnings dropped 30 percent in the fourth quarter. Charges from selling Arby’s offset the effects of a jump in sales.
• PharMerica Corp. plunged 11 percent. The Federal Trade Commission said it was suing to block rival pharmacy company Omnicare Inc. from completing its $457 million takeover of PharMerica. The agency said a merger of the country’s two largest long-term care pharmacies would raise the cost of Medicare prescription plans covering drugs for nursing home residents. Stock in Omnicare Inc. fell less than 1 percent.
• Thomas & Betts Corp. soared 23 percent on news that Swiss engineering group ABB Ltd. agreed to buy the maker of power lines and other electrical products for $3.9 billion in cash.
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