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.