Stocks Plunge as Dollar, Treasuries Gain on Europe Debt Concerns

Stocks tumbled, with Europe’s benchmark index sliding the most since November, while the dollar and Treasuries rallied, as credit-ratings cuts on Greek and Portugal spurred concern that indebted European nations are moving closer to default.

The Stoxx Europe 600 Index slid 2.7 percent at 11:33 a.m. in New York, while the Standard & Poor’s 500 Index lost 1.6 percent. Crude oil sank 1.7 percent, while copper plunged 2.7 percent. The yield on the 10-year Treasury note tumbled 13 basis points to 3.68 percent, while the Dollar Index rallied 0.5 percent to 81.881.