Global Stocks Tumble, Driving S&P 500 to Worst Week on Record

[RedEarth]

Source: (Bloomberg)

Oct. 10 (Bloomberg) -- Stocks tumbled around the world, driving the Standard & Poor's 500 Index to its worst week on record, and commodities slumped amid growing concern international attempts to prop up financial markets will fail to avert a recession.

The S&P 500 fell 7 percent to the lowest level since the start of the Iraq War in 2003 while stocks in Europe and Japan staged the steepest weekly tumble in at least 21 years. Drops in Brazil and India pushed the MSCI emerging markets index to its worst week ever. Oil fell as much as 9.2 percent to $78.61, copper was poised for its largest weekly decrease in two decades.

``We have reached the panic stage,'' said Espen Furnes, an Oslo-based fund manager at Storebrand Asset Management, which has the equivalent of $48 billion. ``Fundamentals don't count anymore.''

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More than $25 trillion has been erased from global equities in 2008. Central banks from London and Frankfurt to Washington and Hong Kong this week were forced to cut interest rates after the yearlong credit-market seizure stoked concern banks will run short of money.


Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=ahht9Er94Hi0&refer=home

[RUMMYisFROSTED]

1. Chimptastic!