US Stock Market Collapses Under Renewed Economc Fears

US stock markets fell more than 3 percent on Thursday and signs point to even more bad news on Friday. Is a second recession coming or is it already here?

U.S. markets fell precipitously on Thursday, Aug. 18, with all major indices plunging by more than 3 percent.  The Dow Jones Industrial Average fell 419 points, or 3.7 percent, while the S&P 500 Index dropped 53 points, or 4.5 percent. The technology-heavy Nasdaq Composite Index fell 131 points, or 5.2 percent. All 10 S&P industries finished lower on Thursday.

The nosedive began early—before the market opened—when European and Asian shares fell after investment bank Morgan Stanley issued a bearish report on the global economic outlook, which cut its forecast of GDP growth for 2012 and said that the United States and European economies would be “hovering dangerously close to recession” before recovering.

Stock Market Plunges on Renewed Economic Fears | Business | Epoch Times