US Stocks Plunge at Open

Three-digit Dow drop reflects uncertainty infecting global market
By M. Morris,  Newser Staff
Posted Aug 10, 2007 9:36 AM CDT
A London office worker keeps an eye on the FTSE 100 Index Friday Aug. 10, 2007. Share prices on the London Stock Exchange were down sharply at midday Friday. At noon, the FTSE 100-share index was down...   (Associated Press)
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(Newser) – Uncertainty ruled Wall Street and the global markets today, with the Dow skidding over 100 points at the open 1 day after the second-largest decline of the year. Central banks around the world acted to stem the unrest that continues to accompany the widening subprime mortgage crisis, but big-picture machinations weren't filtering down to the floor, one trader told Reuters.

"In my universe, we focus on earnings and interest rates," he said. "The lack of understanding is creating fear." As expected, Countrywide Financial nosedived, and the selloff took its toll on Citigroup and Goldman Sachs as well. Tech stocks also dropped, with the Nasdaq losing almost 1% of its value by midmorning.