Global Selloff Rocks Dow

By Kevin Spak,  Newser Staff
Posted Aug 17, 2009 8:51 AM CDT
Trader David O'Day works on the floor of the New York Stock Exchange Thursday, July 16, 2009.   (AP Photo/Richard Drew)
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(Newser) – The Dow tumbled 175 points at the open today, following even bigger selloffs in overseas markets, the Wall Street Journal reports. The S&P and Nasdaq each fell 2.2%. Those drops followed a whopping 5.8% dive on China’s Shanghai Composite Index, a 3.1% drop for Japan’s Nikkei, and 2% falls for the UK’s FTSE and Germany’s DAX. Freefalling commodity prices drove the negativity, with multiple Chinese metal companies taking the maximum 10% hits.