World Stocks Sink As Credit Crisis Intensifies
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Stocks are under heavy pressure today, with world exchanges in free-fall and the Dow dropping nearly 500 points, as the credit crisis and slowdown spreads globally.
The euro fell the most against the yen since its debut after the German government and state banks were forced to pledge $68 billion to rescue Hypo Real Estate Holding AG. Crude fell below $90 per barrel.
Europe's Dow Jones Stoxx 600 Index fell over 7%, its largest intraday decline since 1987. Brazil's stock market was halted twice after dropping more than 10%. Russian markets were also halted.
InvestorS seeking safety pushed the yield on the two-year Treasury to 1.5%, 50 basis points below the Fed Funds rate. In addition, despite strength in the U.S. dollar versus, Gold rose 3.5% to $865.
Commodity stocks, excluding gold stocks, continued to sell-off with Freeport-McMoRan (NYSE: FCX) sinking 10% and United States Steel (NYSE: X) falling 14%, among a host of others.
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