Wall Street Journal Quotes Tim Evnin on U.S. Stocks

May 20, 2010

Investors forced stocks lower as they shed riskier assets in favor of relatively safe bets such as U.S. Treasuries, Evercore Wealth Management portfolio manager Tim Evnin was quoted as saying by the Wall Street Journal.

"Confidence and patience are beginning to wear thinner" as no new solution emerges to calm the euro zone's turmoil, said Evnin. "The global interdependence is terrific when everything's working," he said, but "it works in both directions."

Industrial and materials stocks declined over the week and crude futures plunged on investor worries increased over Europe's debt and a possible slowdown in Chinese growth.