Investors panic, markets plunge as crisis spreads in Europe, Asia

STEVE LADURANTAYE Globe and Mail Update North American investors raced to get out of stocks Monday afternoon, as the financial crisis rocking the United States showed signs of moving deeper into Europe and Asia and the price of oil plummeted. The S&P/TSX - down a sharp 11 per cent earlier in the session - lost 9.32 per cent, or 1006.72 points, to 9,796.63 by 2:45 p.m. (ET). It last closed below 10,000 on July 4, 2005. The Dow Jones industrial average traded 7.36 per cent lower, down 759.52 points to 9,565.86 – the first time it has traded below 10,000 since April, 2005. The S&P 500 fell 7.52 per cent, or 82.64 points, to 1,016.59. “The Canadian market is going to keep getting lower because of the effect of commodities,” said Brandon Osten, president of Venator Capital Management Inc. in Toronto. “Get the hell out of... [read full story]