Dow falls more than 300 points as fear takes hold of U.S. markets
New York, NY, United States (AHN) – U.S. stocks plunged home and abroad as worldwide economic weakness continues to rattle investors.
The Standard & Poor’s 500 Index fell by more than 3 percent, taking it 10 percent below its recent April 29 high of 1,363. The Dow Jones Industrial Average is now off more than 1,100 points since July 21.
Oil faced a similar fate falling 4 percent to $88 a barrel on worries that demand will wane and because of the sluggish economy.
Investors appear to be taking money out of stocks, government issues and some commodities and putting it into cash.
Even gold and silver, the two bright spots in recent trading, saw profit taking in wild trading. Worries persist about the economy and fear is driving markets lower. Stock trading has been volatile all week and several analysts say some selling today may be in anticipation of Friday’s unemployment report which is expected to show that the unemployment rate remains at 9.2 percent.
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