Thursday, August 4, 2011

“Uneasiness” high on Wall Street as investors sell like mad

New York - Analysts said the S&P has reached a point of correction in intra-day trading, defined as a 10% move down from a recent high, and warned that both the S&P 500 and Dow-Jones are nearing a correction as well.

Treasury bonds held firm while most securities fell, sending the Dow Jones Industrial Average sliding 300 points, or 2.5%, to 11,596; the S&P 500 slipped 34.7 points, 2.8%, to 1,225; and the Nasdaq Composite average dove 79.1 points, 2.9%, to 2,613.

Gold, a best seller of late in the equity markets, dipped $13.10, 7.8%, to $1,654 per troy ounce.

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