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.