Report of Rubin's Resignation Slams Stocks

Wire reports that the Treasury secretary will announce his resignation have caused a broad selloff.
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Treasury

Secretary

Robert Rubin

will announce his resignation today and will be replaced by Deputy Secretary

Lawrence Summers

, 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.

The

S&P 500

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%.