Stocks Dive as Global Fears Rise

Concerns about the global economy caused the Dow Jones Industrial Average to fall 268.37 points Thursday, its worst one-day drop since April 2009. Other markets dropped as well, as investors worried about the ability of Europe's governments to finance their debts and America's ability to improve employment. With Greece under more pressure to cut its deficit, the Portuguese government selling under their expected offer of treasury bills at an auction, and the Spanish government raising its budget-deficit forecasts, investors are losing faith in the global market. "Anyone who thought the euro was going to be the next reserve currency has got to be questioning that this week," said one analyst. The Dow settled at just above 10000.