Stocks – S&P Sees Worst Loss Since August on Global Economic Fears

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© Reuters. © Reuters. – U.S. stocks suffered their worst losses since late August on Wednesday as worries built up about slowing global growth.

The selloff in the United States followed a nasty slump in Europe, with indexes in Germany, the U.K. and France falling around 3%. The violence of the slump boosted expectations the Federal Reserve will cut interest rates later this month.

The was down 1.79%. The fell 1.86% and the was down 1.56%.

The was off as many as 598 points before bargain hunters stepped in and trimmed the losses nearly down to about 400 points before late selling set in again.Still, the S&P and Dow have fallen about 3% in two days with the Nasdaq dropping 2.7%.

Only one of the 30 stocks was higher. Johnson & Johnson (NYSE:) moved up after settling an opiod suit in Ohio for $20 million.

Financial, energy, industrials and consumer staple stocks all fell. An exception was homebuilder Lennar (NYSE:), up after easily beating expectation for third-quarter earnings.

The selloff helped push and oil stocks lower. and other precious metal prices moved higher as investors sought safety. They also sought safety in bonds. The yield fell to 1.601% from Tuesday’s 1.644%.

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