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Economic, Euro Malaise Ignites WALL STREET PLUNGE; Dow Off 380 –

August 18, 2011

Economic, Euro Malaise Ignites Wall Street Plunge; Dow Off 380

By Adam Samson

Published August 18, 2011 | FOXBusiness

FOX Business: The Power to Prosper

Wall Street plummeted deep into the red, although well off of the lows of the session, as traders grappled with global economic fears and an escalating euro zone sovereign debt crisis.

Today’s Markets

As of 12:07 p.m ET, the Dow Jones Industrial Average plummeted 404 points, or 3.5%, to 11,006, the S&P 500 slid 46.5 points, or 3.9%, to 1,147 and the Nasdaq Composite tumbled 106 points, or 4.2%, to 2,405. The FOX 50 plunged 29.8 points to 831.

Big financial institutions like Citigroup (C: 27.67, -2.18, -7.30%) and Morgan Stanley (MS: 16.14, -0.87, -5.11%) took strongest beating. However, the selloff was broad, with energy players like Halliburton (HAL: 41.84, -3.61, -7.94%) and industrials such as General Electric (GE: 15.37, -0.86, -5.30%) coming under intense selling pressure as well.

In a sign of the uncertainty in the markets, safe-haven assets rallied in early trading. Gold — which hit a record high in the previous session — jumped $22.80, or 1.3%, to $1,817 a troy ounce. The benchmark 10-year treasury rallied, with the price soaring over $100, and the yield slumping to an all-time low below 2%.

via Economic, Euro Malaise Ignites Wall Street Plunge; Dow Off 380 |


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