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Everyone's Money Is On Fire: Stocks Plummet Around The World
By
Jen Chung
Published Aug 4, 2011
Modified Aug 4, 2011
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By
Jen Chung
Published Aug 4, 2011
Modified Aug 4, 2011
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The Dow Jones Industrial average fell over 300 points today, over 3%, which wiped out its entire 2011-to-date gains. Why? The Standard & Poor 500 also fell over 3% today, "a 10 percent drop from its April 29 peak and weakest level in nine months." The NY Times says, "The stock market fell sharply Thursday on intensifying investor fears about a slowdown in global economic growth and worries about Europe’s ongoing debt crisis, which is centered now on Italy and Spain."
Some more detail from Bloomberg News: "Concern the global economy may relapse into a recession has driven investors out of stocks and into the relative safety of Treasuries, the Swiss franc and yen and is spurring speculation the Federal Reserve will start another stimulus program. Japan’s moves to sell the yen, which this week neared a post-World War II record, and expand an asset-purchase fund follows efforts by the Swiss central bank to curb the franc’s gains. The European Central Bank resumed bond purchases and offered banks more cash to stem the spread of the debt crisis."
Let the pants-crapping commence.
Tagged
economy
recession
stock market
world economy
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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