The Mole submits:

U.S. stocks extended a global drop as concern grew that the rally has outpaced the prospects for economic growth. The yen and the dollar strengthened, oil tumbled and yields on Treasury three-month bills turned negative for the first time since financial markets froze last year.

There was some bearish chat from two of the market’s heavy hitters. Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said the “systemic risk” of new asset bubbles is rising as the Federal Reserve keeps interest rates at record lows while queen of the banking analysts, Meredith Whitney, said Thursday that bank stocks are “grossly overvalued.”

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