bluestarkidd
May 6th, 2010, 03:01 PM
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9OVpLMKuaC8
Dow Plunges Most Since 1987 Before Paring Losses; Euro Tumbles
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By Michael P. Regan and Rita Nazareth
May 6 (Bloomberg) -- The Dow Jones Industrial Average posted its biggest intraday loss since the market crash of 1987, the euro slid to a 14-month low and yields on Greek, Spanish and Italian bonds surged on concern European leaders aren’t doing enough to stem the region’s debt crisis. U.S. Treasuries rallied.
“It’s panic selling,” said Burt White, chief investment officer at LPL Financial in Boston, which oversees $379 billion. “There’s concern that the European situation might cool down global growth and freeze the credit markets.”
The Dow lost as much as 998.5 points, or 9.2 percent, before paring its drop to 383.17 points at 3:17 p.m. in New York. The Standard & Poor’s 500 Index fell as much as 8.6 percent, its biggest plunge since December 2008, before trimming its decline to 3.6 percent.
So much for that recovery....ehh...
Dow Plunges Most Since 1987 Before Paring Losses; Euro Tumbles
Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Michael P. Regan and Rita Nazareth
May 6 (Bloomberg) -- The Dow Jones Industrial Average posted its biggest intraday loss since the market crash of 1987, the euro slid to a 14-month low and yields on Greek, Spanish and Italian bonds surged on concern European leaders aren’t doing enough to stem the region’s debt crisis. U.S. Treasuries rallied.
“It’s panic selling,” said Burt White, chief investment officer at LPL Financial in Boston, which oversees $379 billion. “There’s concern that the European situation might cool down global growth and freeze the credit markets.”
The Dow lost as much as 998.5 points, or 9.2 percent, before paring its drop to 383.17 points at 3:17 p.m. in New York. The Standard & Poor’s 500 Index fell as much as 8.6 percent, its biggest plunge since December 2008, before trimming its decline to 3.6 percent.
So much for that recovery....ehh...