The New York Timesreports that the stock market plunge in Asia and Europe continued into Tuesday. Stocks are falling due to concerns that the U.S. economy is headed for a recession. MarketWatch has a roundup of the two day losses.
Amid fears that the United States may be in a recession, the decline in stock markets accelerated this morning as exchanges opened across Asia.
Markets in Tokyo, Hong Kong, Sydney all fell farther in the opening hours of trading today than they had all day Monday. Until now, overseas markets had largely avoided the sell-off that has caused steep declines recently in the United States, whose markets were closed Monday in observance of Martin Luther King's Birthday. But investors reacted with what many analysts described as panic to the multiplying signs of weakness in the U.S. economy.
And in a sign that the United States could join the sell-off today, trading in U.S. stock futures Monday suggested that the Dow Jones industrial average would fall more than 500 points at the opening bell.
Marketwatch also says that the DJIA futures are currently down 650 points which could result in a miserable and nervous day of stock trading today.
