The New York Times
Thursday, August 18, 2011 -- 9:42 AM EDT
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U.S. Stocks Drop Sharply at Open After Big Losses in Europe
Stocks fell sharply at the start of trading Thursday on Wall Street, following the trend set in Asia and Europe as more disappointing economic data emerged and concerns again focused on the financial sector.
The Standard & Poor's 500-stock index was down more than 3 percent, and the Dow Jones industrial average was off more than 300 points, in the opening minutes of trading. Major indexes in Europe were down 3 to 5 percent.
Banking shares led the indexes down in Europe, with the French bank Société Générale and its British rival Barclays both off more than 7 percent. Gold was again above $1,800 and bond yields fell sharply as investors turned to safe havens.
The latest economic data from the United States was also unsettling, as an 0.5 percent gain in consumer prices in July exceeded expectations, as did the latest weekly report on first-time claims for jobless benefits.
Read More:
http://www.nytimes.com/2011/08/19/business/daily-stock-market-activity.html?emc=na
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