will announce his resignation today and will be replaced by Deputy Secretary
, according to wire reports.
The surprise announcement caused an immediate and severe selloff in stocks, with the
Dow Jones Industrial Average
lately down 131 to 10,895. That's off its initial low of 10,813.
was down 13 to 1342 and the
Nasdaq Composite Index
was down 16 to 2551.
The bond market also dipped swiftly but had come back as well. The 30-year Treasury was off 8/32 to 91 17/32, its yield rising to 5.85%.