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Stocks Droop; S&P Flops
The Dow plunged 514.45, to 8,519.21, and the S&P lost 6.1 percent to finish at its lowest point in five years, with investors still anxious about the global economic slump and its chilling effect on corporate profits. Asian, European, and emerging market stocks also slid. “Everyone’s got to lower their expectations,” Keith Wertz, president and chief investment officer of Fifth Third Asset Management, said on Bloomberg TV. One strong point was the dollar, which traded for less than $1.28 against the euro for the first time in two years, while the pound limped to a five-year low.
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