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MONDAY, NOVEMBER 23, 2009
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Trading Locked After Dow Futures Plunge 550

Dow, S&P, Nasdaq all head for red at opening bell

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(Newser) – US stock futures plunged this morning, with trading in Dow and S&P futures locked after both fell more than 6% in early-hours trading. Dow futures fell 550 points to 8824, while the S&P fell 60 to 855.2—hitting the limit that each can decline in one trading session. The Nasdaq lost 82.25 points to 1171.25. The declines came after further huge losses in Tokyo, London and Frankfurt.

"We are in a panic mode, I don't know how else to describe it and when you're in panic mode, all rational thought goes out of the window," one market strategist tells Reuters.

A trader works in front of screens in a financial office in Paris, Friday Oct. 24, 2008. World stock markets tumbled Friday on growing alarm that a global recession will ravage corporate profits.
A trader works in front of screens in a financial office in Paris, Friday Oct. 24, 2008. World stock markets tumbled Friday on growing alarm that a global recession will ravage corporate profits.   (AP Photo/Remy de la Mauviniere)
An employee of the Korea Stock Exchange works in front of a screen that shows the falling Korean benchmark stock index in Seoul, South Korea, Friday, Oct. 24, 2008.
An employee of the Korea Stock Exchange works in front of a screen that shows the falling Korean benchmark stock index in Seoul, South Korea, Friday, Oct. 24, 2008.   (AP Photo/Ahn Young-joon)
Traders work on the floor of the New York Stock Exchange, Thursday, Oct. 23, 2008. Wall Street spent another session buffeted by volatility Thursday.
Traders work on the floor of the New York Stock Exchange, Thursday, Oct. 23, 2008. Wall Street spent another session buffeted by volatility Thursday.   (AP Photo/Richard Drew)
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Global recession fears lead to multi-year record lows
Financial Times (UK)

'We've reached a situation of sheer panic'
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