Thanks Barack… Dow Drops 460 Points – Lack of Confidence in Leaders Cited
Fed outlook, weak data fuel global economic worries
Safe-haven dollar, Treasuries soar as oil, gold tumble
Lack of confidence in leaders cited in market losses
By Wanfeng Zhou
NEW YORK, Sept 22 (Reuters) – World stocks and commodities tumbled on Thursday as weak data from China crystallized investor fears of a global recession one day after a grim economic outlook from the U.S. Federal Reserve.
Stocks tumbled more than 4 percent and commodities took a beating. The U.S. dollar climbed to a seven-month high against major currencies .DXY as investors fled risky assets.
Weak data from Germany and China helped push investors to the safety of U.S. government bonds, where benchmark yields again touched lows not seen in 60 years.