 Online edition of India's National Newspaper Saturday, Nov 28, 2009 ePaper | Mobile/PDA Version |
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NEW YORK: U.S. stocks tumbled on Friday as fear swept world markets that financial trouble in the Middle Eastern city-state of Dubai will upend a global economic recovery. Major stock indexes fell about 2 per cent from 13-month highs, including the Dow Jones industrial average, which at times slid more than 200 points in a shortened trading day. Trading volume had been expected to be light after the Thanksgiving holiday. Light volume can trigger big swings in markets. Stock markets close three hours early. Investors’ broad retreat from riskier assets pushed Treasury prices up sharply. The dollar gained against most other major currencies as investors sought safety following steep drops in overseas markets. Commodities prices tumbled. Investors are worried that a default by a government investment company in Dubai over $60 billion in debt payments could have a ripple effect in world financial markets. — AP
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