Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Advertisement

US stocks fall on economy fears

More market jitters in the US today as the Dow Jones closes down almost 400 points, while the S&P500 and Nasdaq fall also.

Image: Michael Probst/AP/Press Association Images

US MARKETS CLOSED sharply lower today on fears that the world is heading towards another recession.

Concerns about a double-dip recession led to investors selling off stocks, while commodities also saw a rout.

Investors’ worries were compounded by weak data coming out of China today, says Reuters.

The Dow Jones industrial average hemorrhaged as much as 527 points, the second consecutive rout since the Federal Reserve announced a change in strategy for fighting the economic slowdown.

At the close of trading, the Dow was down 391.01 points, or 3.51 per cent, at 10,733.83. The Standard & Poor’s 500 index fell 37.18, or 3.19 per cent, to 1,129.58. The Nasdaq composite fell 82.52, or 3.3 per cent, to 2,455.67.

Nineteen stocks fell for every one that rose as investors fled.

Traders sought the safety of Treasury bonds instead of the usual havens of oil and metal.

Gold, which has been seen as a type of security blanket lately, also dropped nearly 4 per cent. The Wall Street Journal said that the fall happened as investors looked to raise cash they had lost elsewhere.

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article.

Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.

Oil equities also sunk with Exxon Mobil, Chevron and Marathon Oil all down.

-Additional reporting by the AP

Read next:

COMMENTS (10)