Ohhhhhh NOOOO!!!!! This is bad this is BAD!!!!!
Dow drops 350 points; markets 'fear index' highest since MarchCONTINUED: Stocks pile on losses amid worries on economy - Business - Stocks & economy - msnbc.com
Worries about the state of the economy in the U.S. and around the world slammed stocks on Thursday, pushing the Dow down 350 points. Gold and bonds soared as investors sought a safe place to park their money.
The Dow Jones industrials average slid about 3 percent. The broader S&P 500 index was down 10 percent from its May high, putting it in correction territory. The market's so-called "fear index," the CBOE Volatility Index (VIX), jumped 12.8 percent to 26.37, the highest since March.
"The (economic) numbers are not coming in favorably. They haven't been, and this is a reaction to all of that. We're in a major correction..." said Joseph Cangemi, managing director at BNY ConvergEx Group in New York.
Investors are now nervously focused on the crucial monthly jobs data to be released Friday by the Labor Department. Expectations are not high.