The euro sank to an almost two-year low, while stocks and commodities tumbled, amid swelling concern Greece will exit the European currency union. The yen and dollar strengthened while German bunds and U.S. Treasuries rose. Oil dipped below $90 a barrel for the first time since November. The euro lost as much as 1.1 percent to $1.2545, the lowest since July 2010, as of 2:35 p.m. in New York. The Standard & Poor's 500 Index slid 1 percent and the Dow Jones Industrial Average dropped as much as 191 points before paring losses. The yen rose against 15 of 16 most-traded peers and the dollar climbed versus 14 of 16. The 30-year German bund yield dropped below 2 percent for the first time, while 10-year U.S. note yields decreased five basis points to 1.72 percent. The S&P GSCI Index fell to the lowest since October on a closing basis. European leaders are meeting today to discuss the region's debt crisis after deepening concern Greece will exit the euro wiped about $4 trillion from equity markets worldwide this month. Japan's exports in April trailed economists' estimates, underscoring the risk that weakness in global demand may limit a rebound in the world's third-biggest economy. "We know the summit is not going to resolve anything and it will be hard to find particularly positive headlines," said Nick Bennenbroek, head of currency strategy at Wells Fargo & Co. in New York.
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