U.S. stocks fell sharply on Monday, with the Dow Jones industrial average having its worst session this year, as Italian elections and looming spending cuts in the U.S. hit sentiment.
The euro tumbled against other global currencies, particularly the Japanese yen, as investors tracked the outcome of national elections in Italy, where a potentially strong performance by Silvio Berlusconi’s coalition is seen as a threat to the nation’s austerity agenda. Uncertainty about Europe and the March 1 deadline for U.S. lawmakers to reach a deal to avert automatic spending cuts had the CBOE Volatility Index climbing about 35 percent. The Dow Jones industrial average fell 216.40 points to 13,784.17, with all but three of its 30 components finishing in the red.
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