Nemesis of the österreichischen ostrich

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Wall Street slumps into bear market territory

By Jeremy Lemer in New York

US stocks slumped decisively into bear market territory on Wednesday as investor sentiment buckled on concerns about the health of the financials sector and fears that slowing economic growth would hurt earnings at technology firms.

Nine of the ten leading industrial sectors fell, knocking the benchmark S&P 500 down 2.3 per cent to 1,244.63 – its lowest level since July 2006 and its first bear market since 2002.

The Dow Jones Industrial Average dropped 2.1 per cent to 11,246.06 while the Nasdaq Composite slipped 2.6 per cent to 2,234.89.

All three leading indices closed down more than 20 per cent from their recent highs.


Still, a survey of financial newsletter writers by Investors Intelligence showed the most bearishness on US stocks since 1994. And the uptick proved short-lived as Tuesday’s winners gave up all of their gains on Wednesday.