NEW YORK - US stocks dived on Wednesday on growing global recession fears, with the Dow industrials plunging more than 300 points in early trade.
The Dow Jones Industrial Average dropped 323.45 points (3.58 per cent) to 8,710.21 around 9.55pm and the tech-heavy Nasdaq composite slid 34.36 points (2.03 per cent) to 1,662.32.
The broad Standard & Poor?s 500 index fell a hefty 34.70 points (3.63 per cent) to 920.35.
US stocks tumbled on Tuesday on economic worries. The Dow plunged 2.50 per cent, the Nasdaq a hefty 4.14 per cent and the S&P 500 shed 3.08 per cent.
'Global recession concerns are responsible for the negative disposition,' said Patrick O?Hare, analyst at Briefing.com.
'Oil prices below 70 dollars per barrel, an acknowledgment from Bank of England governor (Mervyn) King that a UK recession seems likely, further job cut announcements in the US, heavy losses in foreign markets, and a litany of companies sounding a cautious view on 2009 prospects have all played a role in the market?s economic concerns,' Mr O?Hare said. -- AFP
