Beaten down Wall Street tanks on recession fears
Rising fears of another recession hammered U.S. stocks
on Thursday, sending major averages more than 3 percent lower in a
rerun of the extreme fluctuations investors had hoped were over.
The Dow Jones industrial average was down 419.17
points, or 3.67 percent, at 10,991.04, according to the latest figures.
The Standard & Poor’s 500 Index was down 53.15 points, or 4.45
percent, at 1,140.74. The Nasdaq Composite Index was down 131.05 points, or 5.22 percent, at 2,380.43.
“The lack of buyers in the market means that the market is susceptible to volatility and significant declines like we saw today,” said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York. “You need a mix of buyers and sellers to create stability. Even a bit of panic selling can result in a big swing.”