Stocks fall Monday as Greek debt concerns linger
October 4th, 2011
New York, NY, United States (AHN) – September couldn’t have ended soon enough for United States and global investors, and October has started on a sour note.
The Dow Jones Industrial Averages finished the third quarter that ended Friday down 12 percent, finishing at 10,913.38, a loss of 1,500.96 points.
Global stocks faced a much more gloomy fate, with French and German stock indexes both losing more than 25 percent of their value, their largest quarterly declines since 2002. Asians stocks suffered similar fates, also falling double digits.
Even gold, usually a safe haven in times of economic and geopolitical turmoil, was the victim of a tumultuous September. After hitting a record high in August, the yellow metal lost 12 percent of its value in September as investors sold the precious metal, preferring to sit on cash.
On Monday, the first trading day of October, U.S. equities were off more than 200 points in mid-afternoon trading as worries over a Greek default continued to rattle already nervous and cautious investors.
On a bright note, gold was shining, rising by more than $30 an ounce. At $1,654 an ounce, gold is still a ways off its all-time high, but the recent drops have attracted both new and old money.
Even as many analysts have said stocks are now cheap, markets are being driven more by fear than fundamentals, and that trend does not appear over as evidenced by Monday’s trades.
View full post on Securities Stories
Categories: Financial Stocks
