The Year’s Worst Day on Wall Street
Wall Street just posted its worst day of 2012. Crude oil prices took a hit, landing at $105 a barrel, gold lost 2%, the Dow gave up 203 points and stocks across the board dropped between 1% to 0.5%. European shares suffered a one-month low, as well.
Analysts point to a host of factors: slowing economic growth in Brazil, evidence that Europe’s in a recession and lower Chinese growth forecasts.
However, Alec Young, Equity Strategist at S&P IQ, says that Greek debt talks is at the heart of the selloff:
“There’s concern in the market that you’re not going to see enough of the private players being willing to go along and that could scuttle the entire Greek bailout.”