Markets Don't Shake the Global Sell-Off
Stocks had a tumultuous week, with a worldwide sell-off Tuesday that sent the Dow Jones industrial average down 3.3 percent that day and rattled investor confidence. The Dow logged its worst weekly performance in more than four years.
After Tuesday's drop, concerns lingered about a decline in the yen carry trade, which refers to the process of borrowing yen to acquire assets with greater yields in other currencies. And investors remained concerned about subprime lenders as mortgage loans are souring.
The Dow ended the week down 533.38, or 4.22 percent, at 12,114.10. The Standard & Poor's 500-stock index fell 64.02, or 4.41 percent, to 1387.17; and the Nasdaq composite was down 147.10, or 5.85 percent, at 2368.
Federal Reserve Chairman Ben S. Bernanke told Congress during the week that a single event didn't trigger Tuesday's slide, which was the biggest point drop in the Dow since trading resumed after the Sept. 11, 2001, attacks. Although the drop brought tense moments for investors, many observers said stocks were overvalued and were due to consolidate.
-- Associated Press