U.S. stocks tumbled the most in a year
as waves of computerized trading exacerbated a selloff triggered by Europe’s debt crisis, sparking a slide in Asian shares. The rout briefly erased more than $1 trillion in U.S. market value as the Dow Jones Industrial Average fell almost 1,000 points, a 9.2 percent plunge that was its biggest intraday percentage loss since 1987 and largest point drop ever, before paring declines.
The Nikkei 225 Index tumbled 3.7 percent, the most in more than a year, as of 11:30 a.m. in Tokyo. South Korea’s sank 1.9 percent. The Dow average ended down 347.8 points, or 3.2 percent, at 10,520.32. The Standard & Poor’s 500 Index fell as much as 8.6 percent, its biggest intraday plunge since December 2008, before closing down 3.2 percent at 1,128.15. It was the biggest percentage drop on a closing basis since April 20, 2009, for both measures. S&P 500 futures rose 0.1 percent today.
Panic Selling’
The Nasdaq trade cancellation applies to transactions executed between 2:40 p.m., when the stock tumble started, and 3 p.m. The Nasdaq listed 286 securities that will have trades canceled. The list includes Accenture Plc, Exelon Corp. and exchange-traded funds such as the iShares DJ Select Dividend Index fund. The exchange posted the list on its website.
“It’s panic selling,” said Burt White, chief investment officer at LPL Financial in Boston, which oversees $379 billion. “There’s concern that the European situation might cool down global growth and freeze the credit markets.”
Problem lots in World economy
still downside in share market left
Commodity
All commodities correct from their highs more then 15 % correction already done
Crude - 77 UsD
Nickel Below 1000 level
Lead Below 90 level
Zinc and aluminium near 95 level
5 to 10 % correction in commodity expected from this level
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