NEW YORK, April 10 (UPI) -- U.S. stock markets dropped sharply Tuesday, as European finances continued to undermine confidence on Wall Street.
Yields on benchmark 10-year bonds in Spain rose to 5.88 percent after peaking above 5.9 percent, as the government announced a new round of austerity measures. The proposed combination of tax hikes and spending cuts would trim the budget deficit by an additional $13 billion. In late March, the government announced plans to trim the deficit by $30 billion.