New York (HedgeCo.Net) – The Dow Jones Industrial Average, which represents large and well-known U.S. companies, has dropped more than 300 points ABC news reports.
The drop was the worst point loss in more than a year and the worst percentage loss since February.
“If you spent the entire summer wishing there was more volatility in the market, your dream has come true,” Art Hogan, chief market strategist at Wunderlich Securities in New York said in an interview with Reuters. “You have multiple global macro concerns, a new Ebola scare, beginning of a new quarter, and on the very short horizon, earnings season starting.”
The Street reports: Asian and European markets were splashed with red ink this morning after Wall Street fall yesterday. Germany is widely thought to be in recession, making the darkening the outlook for recovery for the rest of the Eurozone. France’s industrial figures are less bad than expected, but Italy’s are less good. European Central Bank governor Mario Draghi said at the Brookings Institution in Washington last night that the ECB was ready to take unconventional measures to combat deflation in the Eurozone and called on governments to play their part by implementing structural reforms. But the Germans don’t like some of those measures and it’s not clear governments are able to implement reform. TUI Travel is biggest faller in London on Ebola fears – while mining company Vedanta has to evacuate executives from Ebola-stricken Liberia.
Alex Akesson
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