EMC’s Business Finance blog

From the recession swept by Wall Street, share prices Send significantly lower, while investors sought the safety of Treasuries and gold.

“The markets are panicked about the real estate market, they are panicked about the solvency and the labour market. And there are great concerns about the recession and the company’s profitability,” said Michael Darda, chief economist at MKM Partners. “It is the sum of all fears come together.”
[PAN]

The Dow Jones Industrial Average lost 1.9% Friday, declining 246.79 points finish 12606.30. With the loss Friday, the Dow has increased by 5% this year, the worst start since 1991, as the economy into recession.

The Standard & Poor’s 500-share index fell by 1.4% or 19.31 points at 1401.02. On Friday the decline, the year-to-date loss hit 4.6%, the fourth worst start of each year in the S & P 500 history dating back to the period of 1928. The storage technology focused Nasdaq Composite Index lost 2% or 48.58 points at 2439.94 increased by 8% this year.