U.S. stocks are plunging today with the Dow losing 465 points, or 4%, as nervous investors flocked to the safety of bonds.
U.S. Treasuries rallied, with the 10-year yield hitting a record low. Worries about a slowdown in global growth weighed down commodities, with copper, oil and silver prices sinking.
The sell-off started early, with world markets logging steep declines, following the Federal Reserve's gloomy outlook and weak manufacturing data from China.
– CNN Breaking News, September 22, 2011
Cosmo: Posit: People think a bank might be financially shaky.
Martin Bishop: Consequence: People start to withdraw their money.
Cosmo: Result: Pretty soon it is financially shaky.
Martin Bishop: Conclusion: You can make banks fail.
Cosmo: Bzzt. I've already done that. Maybe you've heard about a few? Think bigger.
Martin Bishop: Stock market?
Martin Bishop: Currency market?
Martin Bishop: Commodities market?
Martin Bishop: Small countries?