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(Bloomberg) — A US debt default would threaten “a basic anchor” of the global financial system and “must not happen,” BlackRock Inc. Vice Chairman Philipp Hildebrand warned Thursday at the Bloomberg New Economy Gateway Europe forum.

“All we can do is to pray that everyone in the United States understands how important the sanctity of the sovereign signature of the leading currency, of the leading bond market, of the leading economy in the world is,” Hildebrand, a former president of the Swiss central bank, said during an on-stage interview. “This is not something you want to mess with.”

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The 10-year Treasury yield hit a four-week high above 3.60% earlier this week, up from a seven-month low of 3.278% on April 4th.

• The S&P 500 Index was down 24.73 (0.6%) at 4129.79; the Dow Jones industrial average was down 110.39 (0.3%) at 33,786.62; the NASDAQ Composite was down 97.67 (0.8%) at 12,059.56.
• The 10-year Treasury yield was down about 7 basis points at 3.534%.
• CBOEs Volatility Index was up 0.73 at 17.19.

Energy companies were among the weakest performers Thursday, as crude oil prices extended this week’s sell-off, with benchmark WTI futures down more than 2% to under $78 per barrel—a low for the month.

The real estate and technology sectors also lagged, while consumer staples and transportation sectors held up better.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, Experts Invited, Glossary Terms, Investing | Tagged: BlackRock, Bloomberg, DJIA, DOW, energy, gold, NASDAQ, oil, Philipp Hilderbrand, S&P 500, Treasury yields, WTI |