The world woke up Thursday to a spreading sea of red in global markets that started in Asia and continued as opening bells for trading floors rang westward. Investors fled to safe haven assets amid concerns about the health of the global economy.
Jitters were exacerbated when Sweden announced it would push interest rates deeper into negative territory and investors put European banks to the forefront of their concern with bad memories of previous periods of financial stress.
The Dow Jones Industrial Average (INDEXDJX:.DJI) was down 353.69 points, or 2.22 percent, by midday Thursday, to 15,561.05. The broader Standard & Poor’s 500 index (INDEXSP:.INX) dropped 36.43 points, or 1.97 percent to 1,815.43. The Nasdaq composite (INDEXNASDAQ:.IXIC) fell 66.58 points, or 1.55 percent to 4,217.02..
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