U.S. stocks toppled again Wednesday, continuing a manic trend that has had the Dow industrials swinging 400 points each day this week. Intensifying worries about Europe’s sovereign-debt crisis had Wall Street more than erasing the prior day’s rally.
“The turmoil that now envelopes global financial markets has come upon us with a frightening suddenness,” said David Kelly, chief market strategist at J.P. Morgan Funds.
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“The turmoil that now envelopes global financial markets has come upon us with a frightening suddenness,” said David Kelly, chief market strategist at J.P. Morgan Funds.
“Fears of a ‘repeat of 2008’ have led many individual investors to sell stocks and other risky assets,” said Kelly. But, the selloff may well be overblown, given the market has already priced in an outcome that is not yet clear. “Over the next few weeks we will get a much clearer idea about whether the economy has the resilience to stay on a growth path,” Kelly said.
The Standard & Poor’s 500 Index dropped 51.77 points, or 4.4%, to 1,120.76, with financials slammed the hardest and utilities faring the best of its 10 major industry groups.
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Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 10,719.94 |
|---|---|
| Trade Time: | 4:07PM EDT |
| Change: |  519.83 (4.62%) |
| Prev Close: | 11,239.77 |
|---|---|
| Open: | 11,228.00 |
| Day's Range: | 10,686.49 -11,228.00 |
| 52wk Range: | 9,915.73 -12,928.50 |
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