Credit: Shutterstock photoStocks are testing new lows with all three major indexes down 3% or more, led by a 3.68% plunge in the tech-heavy Nasdaq Composite Index.
The Dow Jones Industrial Average is down more than 400 points, with Aloca Inc. ( AA ) leading decliners, down 6.94% on track for the biggest weekly drop in two years. The S&P 500 is down 3.7%. Banking stocks are also leading decliners on the S&P 500 after European indexes also posted sharp declines today on concerns over sovereign debt.
Commodities are moving in step with equities. Crude oil for September delivery is down $5.06 to $86.87 a barrel on the New York Mercantile Exchange. Gold is off $13.30 to $1653 an ounce. The United States Oil ( USO ) exchange traded fund is trading at $33.91, down $1.95, or 5.44%. The SPDR Gold Trust ( GLD ) exchange traded fund is at $160.67 down $0.82, or 0.51%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
