'Right now the direction ahead for the economy is straight down,' said one expert
“The way the market is going down, it’s happening pretty quickly, but it’s very difficult to say that it’s over,” said Sameer Samana, senior global market strategist for Wells Fargo Investment Institute. “Bottoming is a multistep process and you’re probably still in step one.”
The Dow Jones Industrial Average decreased 4.4% to 25,763.96, reaching the lowest in six months on its sixth consecutive decline and the biggest dip in about two years. The MSCI All-Country World Index sank 3% to 521.99, reaching the lowest in 19 weeks on its sixth consecutive decline and the biggest tumble in almost four years.The euro gained 1% to $1.0989, the strongest in almost three weeks on the biggest climb in 21 months.The yield on 10-year Treasuries fell five basis points to 1.28%, reaching the lowest on record with its sixth straight decline.
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