"Seven percent is not a sustainable level of interest rates for Spain"
- Jeff Savage, regional chief investment officer for Wells Fargo Private Bank
U.S. stocks retreated on Monday after Spanish bond yields rose above 7 per cent.
The Standard & Poor's 500 fell 0.16%, or 2.22 points, to 1,352.46. The Dow Jones Industrial Average lost 0.28%, or 36.18 points, to 12,736.29. The Nasdaq Composite decreased 0.19%, or 5.56 points, to 2,931.77.
"It's very concerning," said Jeff Savage, regional chief investment officer for Wells Fargo Private Bank in Portland, Oregon.
"Seven percent is not a sustainable level of interest rates for Spain. That's scary stuff. We can't have one of our best trading partners going through terrible economic times and not having an effect on U.S. corporate earnings."
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