Trading Locked After Dow Futures Plunge 550

Dow, S&P, Nasdaq all head for red at opening bell
By Jason Farago,  Newser Staff
Posted Oct 24, 2008 6:21 AM CDT
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)
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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.
(Read more Dow Jones stories.)