S&P 500 erases 2011 gains, euro at 11-month low

NEW YORK (Reuters) - Stocks fell about 1 percent on Wednesday on concerns about the economy in early 2012 while the euro hit a fresh 11-month low against the dollar before a key auction of long-dated Italian debt on Thursday. Italy's strong sale of short-term bonds this morning initially brought some relief to European markets, but concerns about Thursday's more challenging auction later weighed on sentiment. Key U.S. stock indexes fell about 1 percent in thin trading volumes as investors worried about what many expect to be a tough beginning of the year. ...