U.S. Stocks Follow World Markets Lower

Stocks in the U.S. followed world stock markets lower today on concerns of a significant global economic slowdown. At 1:20PM the Dow was down 336, the Nasdaq was down 42 and the S&P 500 was down 38.

Emerging markets were hit the most following news that Argentina is nationalizing private pension funds to protect retirees from the global financial crisis. Argentina's Merval stock index fell 17% today on top of yesterday's losses.

Reflecting fears of the global slowdown, crude fell over $5 to $67 per barrel on NYMEX.

The euro fell again against the Dollar and the Yen on speculation the ECB will cut interest rates to spur economic activity.

On the bright side, there were more positive signs that the credit markets are easing. The three-month Libor fell 29 bps to 3.54%, although it is still highly elevated from year ago levels.

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