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Europe Sees Biggest Stock Plunge Since 9/11

Posted Jan 21, 08 4:10 PM CST in World,  Business    Most Covered

(Newser) – Amid continuing concerns about a US recession, European stocks took their biggest single-day plunge since 9/11 today, reports MarketWatch. Losses from financial institutions appeared to be the biggest culprit in the day's 5.4% drop, which added to a crippling trend: The Dow Jones Stoxx 600 index has dropped 23% since mid-2007. On American shores, Dow futures dropped, sparking fears of a nosedive tomorrow.

"Market sentiment is really sour," said a strategist. "There's been more bad news from the financial sector on top of continued recession fears.” A decline of over 20%, such as Europe has seen, is considered indicative of a bear market—and some blame President Bush. "Ambivalence over Bush's rescue plan for the US economy was the trigger of this rout," said an analyst.

Sources MarketWatch, MarketWatch

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A taxi passes the Stock Exchange in London, Thursday, Nov. 8, 2007. European markets, including Britain's FTSE 100, experienced record falls today. (AP Photo/Kirsty Wigglesworth)   (Associated Press)
Employees of Montsegur Finance, a portfolio management company authorized by the Financial Markets Authority, work at their desk in Paris, Monday, Jan. 21, 2008. France's stock markets plunged on Monday...   (Associated Press)
Men walk past a logo outside the London Stock Exchange in London, Monday Jan. 21, 2008. European and Asian stock markets plunged Monday following declines on Wall Street last week amid investor pessimism...   (Associated Press)
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