Wall St. Tumbles on Europe, Recession Worries: Dow Turns Negative for 2011
By Angela Moon
NEW YORK (Reuters) – U.S. stocks tumbled on Monday, with the Dow turning negative for the year, as concerns about heavy debt loads both in the United States and Europe heightened worry about recession and increased volatility.
Risky assets like commodities also fell, sparking a selloff in shares of industrials and energy companies. Wall Street’s “fear gauge,” the CBOE Volatility index VIX (Chicago Options:^VIX), jumped nearly 7 percent to 35.
A special U.S. congressional committee was expected to concede failure to reach a deal after three months of talks over taxes and spending in an attempt to slash the deficit.
The developments in Washington and Europe created greater headwinds for the market, extending the previous week’s losses.
In addition, Moody’s Investors Service said a recent rise in interest rates on French government debt and weaker economic growth prospects could be negative for the country’s credit rating.
“There are more and more signals that we are heading into a global recession,” said James Dailey, chief investment officer at TEAM Financial Managers in Harrisburg, Pennsylvania.
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