Stocks tumbled amid growing fears of a global recession, as investors confronted a grim mix of U.S. economic data and fresh concerns about Europe’s banks.
The Dow Jones Industrial Average ended down 419.63 points, or 3.7%, to 10990.58. The Standard & Poor’s 500-stock index dropped 53.24 points, or 4.5%, to 1140.65, while the Nasdaq Composite lost 131.05 points, or 5.2%, to 2380.43.
In the flight to safety, investors piled into gold, which jumped to a new record of $1,818.90 a troy ounce, up 1.55%. In the Treasurys market, the yield on the benchmark 10-year note briefly dipped below 2% in intraday trading for the first time since at least 1954, as investors sought refuge in U.S. debt.
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