U.S. stocks are plunging on fresh fears that Europe’s debt crisis will tip the global economy back into recession.
The European Central Bank said Friday morning that a key official had resigned. The departure of the bank’s top economist signaled that policymakers remain at odds over how to improve Europe’s economy.
U.S. companies would be hurt by a recession in Europe, a key trading partner. The U.S. economy grew very slowly in the first quarter. Unemployment remains high.
Investors sold off shares and bought investments seen as lower-risk, sending the yield on the 10-year Treasury note lower.
At 11:45 a.m. Eastern time, the Dow is down 284 points, or 2.5 percent, at 11,011. The S&P 500 is down 28, or 2.4 percent, at 1,158. The Nasdaq is down 49, or 1.9 percent, at 2,480.