US stocks plunged as selling continued on Wall Street on Thursday. Fears of another recession haunted Wall Street as the bloodbath continued. Thursday was a heavy day in Wall Street when you talk of economic data, which was aggravated amidst fears of another US melt down and breaks in the process of recovery.
Wall Street saw a lower ending for NASDAQ by 131.05 points at 2380.43; S&P 500 ended at 1140.65 a low by 53.23 points and Dow ended at 10990.6 a low by 419.63 points.
The ripples at Wall Street had its effects globally. Europe's stock market reacted by plunging as rumours spread, about a financial institution borrowing heftily to the tune of 500 million dollars, from the European Central Bank. Morgan Stanley also scaled down their predictions for global growth.
On the other hand precious metals shot up as investors invested heavily in bullion amidst fears of global recession. Both forward deliveries for gold and silver rose as a result.