The major indices start the week sharply lower as overseas markets tumble on financial market and global slowdown concerns.
European markets are seeing notable weakness in banks on worries that
more bailouts of European financial institutions are needed. London's
FTSE is down 4.9%, Germany's DAX is down 5.1%, and France's CAC is down
5.5%. Brazil's Bovespa stock index was halted after tumbling 10.1%.
Asian markets also faced selling pressure -- Hong Kong's Hang Seng fell
5.0% and Japan's Nikkei fell 4.3%.
Overseas weakness is prompting some buying in the dollar, which is up 1.3% against leading world currencies.
Commodities fall 2.0%, with oil down 2.6% to $91.48 per barrel, on
global slowdown concerns. Gold, however, is managing to rally 3.8% to
$860.00 in a safe have bid.