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Global Sell-Off Takes a Toll on U.S. Equities
U.S. markets tumbled Friday as a global sell-off spread from Asia and Europe, as fears of a worldwide recession intensified.
At the New York close on Friday, the blue-chip Dow Jones Industrial Average Index had plunged 312.62 points (-3.6%), to trade at 8,378.63. The tech-laden Nasdaq Composite Index shed 51.88 points (-3.23%), to reach 1,562.03. And the broader Standard & Poor’s 500 Index dropped 31.45 points (-3.46%), to hit 876.66.
“It’s a bear market on steroids,” David King, a money manager at Putnam Investments, who helps manage about $137 billion, told Bloomberg Television. “It’s very accelerated by the pace of financial markets today.”
Prior…
27Oct2008 | Money Morning | Comments Off | Continued
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