U.S. stocks slumped on Friday morning, joining the worldwide selloff on fears of a global recession, yet the major gauges managed to fight back from morning lows.
Around 90 minutes into the session, the Dow Jones industrial average (INDU) had fallen 320 points, or 3.7%, after having been down as much as 504 points in the early going.
The Standard & Poor's 500 (SPX) index lost 3.8% and the Nasdaq composite (COMP) lost 3.5%. All three indexes were hovering around five-year lows.
"There's a lot of nervousness out there, but I think people are surprised it isn't down even more considering what we were looking at before the open," said Joseph Saluzzi, co-head of equity trading at Themis Trading.
Stocks have been mostly lower this week as the credit crisis, sluggish corporate forecasts and slump in commodity prices exacerbated fears of a steeper slowdown. The weakness hasn't been limited to U.S. stocks, with markets in Asia and Europe tumbling this week as well.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment