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Stocks Plunge on Economic Fears, Gold Hits Record High

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CNN Money
Thursday, August 18, 2011

NEW YORK (CNNMoney) — Turmoil returned to U.S. stock markets at Thursday’s open as renewed concerns about the global economy sent major indexes plunging and pushed gold to a new record high.

Investors were working through bad news on various fronts, including a dismal forecast from Morgan Stanley for global economic growth, and two U.S. government-issued reports on inflation and the job market.

At the open, the Dow Jones industrial average (INDU) dropped 307 points, or 2.7%; the S&P 500 (SPX) was down 36 points, or 3%; and the Nasdaq Composite (COMP) lost 89 points, or 3.5%.

A gloomy report from Morgan Stanley intensified fears over a slowing global economic recovery. The investment bank slashed its global growth outlook for 2011 and 2012, adding that the United States and Europe are “hovering dangerously close to a recession.”

Full story here.

This article was posted: Thursday, August 18, 2011 at 6:49 am

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