Stocks thrashed by euro, economic fears

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Spooked traders fled equities and raced into safe-haven assets amid growing euro zone and global economic tension, pushing the Dow within 55 points of session lows.

Today’s Markets

As of 1:40 p.m ET, the Dow Jones Industrial Average plummeted 464 points, or 4%, to 10,948, the S&P 500 slid 55.8 points, or 4.7%, to 1,138 and the Nasdaq Composite tumbled 125 points, or 5%, to 2,386. The FOX 50 plunged 35.5 points to 826.

Big financial institutions like Citigroup (C: 27.48, -2.37, -7.94%) and Bank of America (MS: 15.96, -1.05, -6.17%) took strongest beating. However, the selloff was broad, with energy players like Halliburton (HAL: 41.15, -4.30, -9.46%) and industrials such as General Electric (GE: 15.33, -0.90, -5.55%) coming under intense selling pressure as well.

via Selling Picks Up Steam: Stocks Thrashed By Euro, Economic Fears |