Losses remain deep among the major indices. The Nasdaq has taken out a
new session low, while the Dow and S&P 500 are imposing on earlier
low points.
Oil futures have fallen to their lowest point of the morning. Crude is
down 3.6% in early trading, bringing the commodity to nearly $95 per
barrel. Oil remains under pressure as persistent fears of a global
slowdown are undercutting prices as traders anticipate demand
destruction.
Former Fed Chairman Greenspan said that current conditions represent a
rare, wrenching financial crisis, according to Dow Jones. Greenspan
stated that economic revival will set in when investors enter back into
the marketplace, which he suspects will be sooner rather than later.