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U.S. Markets Drop Sharply After Big Global Sell-Off

NY Times [1]
Sept 6, 2011

Concerns about the debt crisis in Europe and global economic growth propelled financial markets downward on Tuesday as investors in the United States returned from a three-day weekend.

Wall Street took a tumble at the opening of trading Tuesday, taking cues from markets in Europe and Asia. Analysts said that the drop, which hit financial stocks particularly hard, was a carry-over from last week’s disappointing unemployment report in the United States and from news that major American banks were facing a federal lawsuit related to their handling of mortgage securities.

The market turmoil of recent weeks showed no signs of letting up. On Tuesday, gold rose to another nominal high, and the Swiss authorities took action to weaken the franc, which has soared because of its role as a haven.

In morning trading in New York, the Dow Jones industrial average of 30 stocks was down 2.4 percent, or 273.44 points, to 10,966.82. The Standard & Poor’s 500-stock index lost 2.5 percent, and the Nasdaq composite fell 2.3 percent.

Full article here [1]