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Dow Skids 300 as Recession Worries Hit
Posted By admin On September 22, 2011 @ 8:12 am In Money Watch | Comments Disabled
Sept 22, 2011
Stocks tumbled sharply across the board Thursday after a gloomy outlook from the Federal Reserve and weak manufacturing reports from Europe and China raised further concerns the global economy could sink back into recession.
The Dow Jones Industrial Average plunged heavily, led by United Tech [UTX 69.515 -5.355 (-7.15%) ] and Alcoa [AA 10.19 -0.65 (-6%) ] after finishing lower in the previous session. The Dow was down more than 370 during its intraday low.
The S&P 500 and the Nasdaq also declined sharply. The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared near 41.
All 10 S&P sectors remained deep in negative territory, led by materials and energy.
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