Stan Choe, AP Business Writer, On Monday August 8, 2011, 10:23 am
NEW YORK (AP) — The U.S. stock market joined a sell-off around the world Monday in the first trading since Standard & Poor’s downgraded American debt and gave investors another reason to be anxious.
The Dow Jones industrial average fell more than 250 points minutes after the opening bell on Wall Street. It recovered some of those losses, then fell again and was down 295 points in mid-morning trading.
Stock markets in Asia began the global rout. The main stock index fell almost 4 percent in South Korea and more than 2 percent in Japan. European markets opened later and fell, too, with Germany down 3 percent and France 2.5 percent.
(Reuters) – Gold vaulted above $1,700 an ounce for the first time on Monday after pledges by the G7 and the European Central Bank to quell the turbulence in the financial markets did nothing to put investors at ease.
Traders said the ECB had made good on its promise to tackle the euro zone debt crisis by widening its bond-buying program to include paper from Spain and Italy but the move was not enough to allay deep concerns.
Friday’s downgrade to the quality of U.S. sovereign debt by ratings agency Standard & Poor’s had been widely anticipated, but its longer-term impact on anything from mortgage rates to the
02 August 2011, 2:34 p.m.
By Jim Wyckoff
Of Kitco News
(Kitco News) – Comex gold futures prices ended the U.S. day session sharply higher and set another new all-time record high of $1,647.80, basis December futures. Strong safe-haven investor demand amid several market place worries continues to boost the precious metals markets, and especially gold. It did not take traders and investors long to look past the U.S. debt limit drama that has drawn to at least a temporary close. December gold last traded up $24.20 at $1,645.90 an ounce. Spot gold last traded up $23.30 an ounce at $1,644.00. December Comex silver last traded up $0.906 at $40.24 an ounce.
Not surprisingly, the market place has moved on to fresh worries regarding …
The markets fell sharply after concerns over the sluggish pace of the economic recovery, coupled with a late-day selloff in European markets, overshadowed the Senate’s passage of the debt ceiling increase.
As of 2:45 p.m. ET, the Dow Jones Industrial Average fell 180 points, or 1.5%, to 11,951, the S&P 500 slipped 23.2 points, or 1.8%, to 1,263 and the Nasdaq Composite slumped 52.3 points, or 1.9%, to 2,692. The FOX 50 fell 12.9 points to 905.
Foreign markets sold off in late trading, with European shares hitting an 11-month closing low. Additionally, the blue chips are presently on a seven-day losing streak — the longest …