Concerns over double-dip recession and euro zone debt crisis triggered a huge sell-off in the global equity markets, with the Dow Jones losing more than 500 points.
The Dow Jones ended the day 4.31% lower at 11,383.68, the S&P 500 ended the day 4.78% lower at 1,200.07, and the Nasdaq ended the day 5.08% lower at 2,556.39. All three major indexes now have negative returns for the year.
Conglomerates were the worst performers in the S&P 500, ending the day 6.42% lower. Basic Materials and Energy stocks also fell sharply on global growth concerns. Basic Materials stocks ended the day 6.33% lower, while Energy stocks ended the day 6.22% lower. Industrials ended the day 5.99% lower.
Among the major losers in trading today were Dendreon Corporation (NASDAQ: DNDN), which ended the day 67.38% lower at $11.69, Huntsman Corporation (NYSE: HUN), which ended the day 30.52% lower at $12.50, Priceline.com Incorporated (NASDAQ: PCLN), which ended the day 7.40% lower at $483.34, Walter Energy Inc. (NYSE: WLT), which ended the day 29.50% lower at $77.89, Aeropostale Inc. (NYSE: ARO), which ended the day 24.15% lower at $12.53, Rubicon Technology Inc. (NASDAQ: RBCN), which ended the day 6.91% lower at $12.80, and General Motors Company (NYSE: GM), which ended the day 4.34% lower at $25.99.
Gold prices fell from a record high of $1684.90 an ounce as investors sold the precious metal to cover losses in the equity market. Gold for delivery in December settled $7.30 lower at $1659 an ounce on the Comex in New York.
Oil prices fell sharply in trading today as well, wiping out all of the gains in 2011. In New York, crude oil for delivery in September on the New York Mercantile Exchange dropped $5.30 to settle at $86.63 a barrel. Brent crude for delivery in September on the ICE Futures Europe exchange in London settled $6.25 lower at $107.25 a barrel.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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