Stocks Fall After Top ECB Official Quits (AOL, YHOO)

Stocks plummeted today as investors grew increasingly concerned about the possibility of a Greek default. European Central Bank governing board member Jürgen Stark quit in protest of the bond buying bailout program that the ECB enbarked on in order to avoid such an outcome. In spite of last month’s S&P downgrade the US federal government’s credit continues to be validated by the markets, as 10 year treasury yields broke record lows today. In corporate news, AOL (AOL) CEO Tim Armstrong is said to be courting a merger with Yahoo! (YHOO). The proposition was shot down by former CEO Carol Bartz, but with her sacking this week the option may seem more appealing to faltering web company.

Word on the Street

• Stocks fell more than 2 percent today as an ECB official quit in protest of their bond buying program.
• Reports are circulating that AOL (AOL) is seeking a merger with Yahoo! (YHOO).
• The yield on 10 year Treasury bonds have hit a record low.
• The household debt service ration is the lowest since 1994.
• Concern about a Greek default spiked again today.
• The dollar rose against the euro to the highest in six months.

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