Wall Street plunges in worst selloff in two years

Thursday wasn’t a good day on the floor of the New York Stock Exchange.

Investors fled Wall Street in the worst stock-market selloff since the depths of the Great Recession in early 2009 in what has turned into a full-fledged correction.

The Dow and the S&P tumbled more than 4 percent Thursday, and the Nasdaq lost 5 percent on fear the United States is staring at another recession and that Europe’s sovereign debt crisis is swallowing two of its largest economies.

Analysts predicted further losses even though stocks have fallen on nine of the last 10 days. Two-year Treasury yields fell to a record low as investors sought safety in short-term government bonds.

The S&P 500’s drop puts it more than 10 percent below its April 29 high, considered a correction. More than 13 billion shares changed hands, the busiest trading day in more than a year. Decliners beat advancers on the New York Stock Exchange by about 19 to 1.

The market’s recent malaise stems from a number of factors.

U.S. economic data has worsened, suggesting slowing growth from an already sluggish pace in the first half. Europe’s sovereign debt crisis has defied remedies and threatens to engulf large euro-zone economies Spain and Italy.

“The debt troubles in Europe, especially with the yields on Italian and Spanish government bonds soaring, are making investors gather as much liquidity as possible,’’ said Stephen Massocca, managing director of Wedbush Morgan in San Francisco.



News
Entertainment
Sports
Lifestyle
National

Sprint and T-Mobile offer further price discounts

Sprint unveiled a plan on Thursday that gives subscribers access to unlimited data for $60 a month, the industry's cheapest unlimited data offering.

National

Hundreds pay it forward at Florida Starbucks in…

The spontaneous chain of kindness continued for about 11 hours, totaling 457 transactions by the time it ended.

National

Weather system east of Caribbean could turn into…

An area of low pressure located east of the Caribbean Sea has a 50 percent chance of becoming a tropical depression or storm in the next 48 hours, U.S. forecasters…

National

U.S. hospital to discharge doctor treated with experimental…

An American doctor who contracted Ebola treating victims of the deadly virus in Liberia has recovered and will be discharged on Thursday by the Atlanta hospital that treated him with…

Movies

Review: 'When the Game Stands Tall' is both…

The high school football saga "When the Game Stands Tall" fumbles around for a focus while Jim Caviezel offers the most low-key coach in history.

Movies

Girlfriend in a coma: Chloe Grace Moretz

Chloe Grace Moretz is the best cheerleader "If I Stay" could ask for. As the star of the film adaptation of the successful YA novel…

The Word

The Word: Summer lovin' for Zac Efron and…

Ah, the summer romance. So intense, so fleeting. With Labor Day fast approaching, it should come as little surprise that the incredibly surprising romance between…

The Word

The Word: The Zac Efron-Michelle Rodriguez summer fling…

  Ah, the summer romance. So intense, so fleeting. With Labor Day fast approaching, it should come as little surprise that the incredibly surprising romance…

NFL

Fantasy football draft guide: How to draft your…

Many are wondering if we’re entering a new age in fantasy football drafting — one where running backs take a backseat.

NFL

Jets vs. Giants: 3 Giants storylines to watch

The Giants have plenty to work on as they reach the dress rehearsal preseason game Friday night against the rival Jets.

NFL

Jets vs. Giants: 3 Jets storylines to watch

Metro looks at three Jets storylines to watch as they play the Giants Friday.

NFL

Giants expected to work Corey Washington into first-team…

The day of reckoning for the Giants' fringe players will fall upon them Friday night against the Jets.

Sex

Big weddings may lead to long-term happiness

Dreaming of a big wedding? A new study indicates that the longer your guest list, the happier you’ll be in the long run. l A…

Sex

Online dating for every generation

Frank Jackson and his mother Maggie are like lots of modern families: They have dinner together regularly, keep each other updated on their lives —…

Wellbeing

Going green could be the key to getting…

If we could just pursue the things that would actually make us happy, we could help the environment too, according to a New York researcher.…

Tech

Siren: A new dating app that puts women…

Online dating can be brutal, especially for single women. Noting that many women hate wading through inappropriate messages and photos, two tech entrepreneurs decided to…