Wall Street hammered in global sell-off
Добавлено: 27 фев 2007, 13:12
http://www.msnbc.msn.com/id/3683270/Worst day in over three years; slump follows big drop in China
NEW YORK - Stocks tumbled Tuesday, with the broader market sinking to its biggest one-day drop in more than 3-1/2 years, as Wall Street joined a global market plunge sparked by growing concerns that the U.S. and Chinese economies are cooling and that equities prices have become overinflated.
The Dow Jones industrial average finished the day down 415 points, or 3.3 percent, recovering slightly from a sudden plunge of over 500 points in mid-afternoon trading. The broader Standard & Poor’s 500-stock index fell 50 points, or 3.4 percent — its biggest one-day slide in more than 3-1/2 years, while the Nasdaq composite index dropped 97 points, or 3.9 percent.
“As the afternoon has progressed, there seems to be a sense of panic among some professional investors,” said Andre Bakhos, president of Princeton Financial Group in Princeton, N.J. “There seems to be just an air of nothing is safe anymore, there’s nowhere to go and people are rotating into bonds as a safe haven.”
