Stocks Dip Amid Global Selloff

It's deja vu, all over again
By Kevin Spak,  Newser Staff
Posted Oct 27, 2008 8:58 AM CDT
A pair of specialists stand at their post on the floor of the New York Stock Exchange, Friday, Oct. 24, 2008.    (AP Photo/Richard Drew)
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(Newser) – Stocks pointed downward this morning, as big overseas selloffs spooked investors, the Wall Street Journal reports. The Dow dropped 134 points shortly after its open, while the S&P dropped 1.7% and the Nasdaq 1.6%. There were positive signs overseas, including an IMF rescue plan for Hungary and Ukraine and a surprise rate cut from South Korea, but markets dove anyway, with Hong Kong sinking 12.7% and the Nikkei hitting a 26-year low.

Treasuries were trading higher this morning, as investors keep looking to government debt as a safe haven. The three month Libor saw a tiny decline, while the dollar climbed against the Euro and the pound. Oil fell $2.18 to $61.97.