US stocks drop on eurozone banking jitters

Overnight deposits from commercial banks at the ECB swelled to a record 452 billion euros, or 588 billion dollars, an indication that banks are wary of lending to one another, ECB data released on Wednesday showed.
Banks normally avoid parking money at the ECB because the interest paid there is lower than elsewhere.
The deposits exceeded the 400-billion-euro mark for the first time on Tuesday and were now markedly higher than during the financial crisis of 2008.
The blue-chip Dow Jones Industrial Average dropped 139.94 points, or 1.14 per cent, to 12,151.41. The broader Standard & Poor's 500 Index also declined, losing 15.79 points, or 1.25 per cent, to 1,249.64. The technology-heavy Nasdaq Composite Index dropped 35.22 points, or 1.34 per cent, to 2,589.98.
The US currency edged up against the euro to 77.27 euro cents from 76.5 euro cents on Tuesday. The dollar rose slightly against the Japanese currency to 77.97 from 77.87 yen.//DPA