The S&P 500 appoaches is down more than 5% in broad-based weakness.
Trading volume is heavy -- 932 mln shares have already exchanged hands
on the NYSE. This marks the highest trading volume at this time since
Sept. 19, when the NYSE had its highest trading volume day on record on
news the Fed looking to create an entity to buy distressed assets from
financial firms.
In commodity trading, corn, down $0.30 or 6.9%, and soybean , down
$0.70 or 7.0%, futures hit limit down -- the maximum daily loss allowed
before trading is halted. The declines followed a USDA October
supply/demand report, which was mostly bearish for corn and soybeans in
the U.S.