The major indices remain in negative territory as participants continue
their selling efforts. The uncertainty guiding traders' hands has
pushed volatility to new highs. The Volatility Index, or VIX, which is
often referred to as the Fear Index, is currently at 79; it has never
been higher.
Losses around the world are also deep. The Dow Jones World Index,
excluding the U.S., is down 7.0%. Japan's Nikkei shed 11.4% and
China's Hang Seng fell 4.8%. The FTSE is off 4.4% and the DAX is
currently down 3.6%.
Weekly crude inventories had a build of 5.61 million, which is more
than double the consensus forecast. Oil is now near $71 per barrel,
down 4%.