Stock Market Plummets Again

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The financial markets are taking another beating today . The Dow is down triple digits amid new concerns about a weakening economy.
Another big sell off on wall street ... The Dow plummeting hundreds of points following more signs of economic weakness.

Europe's debt problems helped trigger the heavy losses -- investors are worried we're getting close to a global recession.

Floor Trader Jonathan Corpina said, “Germany is such a strong anchor in the European zone and when the headlines talk about Germany stalling, I think all the other countries are soon to follow.”

The latest unemployment numbers added to the misery. More Americans joined the unemployment line last week -- bringing the number of applications for jobless benefits to its highest level in a month.

Wall Street is also concerned about inflation, consumer prices jumped last month, meaning Americans are paying more for everything from gas to clothes.

The triple point drop is a return to the wild swings that gripped the markets in the first half of the month. The relative calm we saw earlier this week is gone.

Investors are flocking to more stable investments like gold - which topped 18 hundred dollars an ounce to another record finish.

Corpina said, “At some point there's going to be that bubble there, but it just seems at this point, the uncertainty in our markets, the fear in our markets, the continued fragile markets that we have, investors continue to move to gold."
One of the most fragile markets is housing . Home sales dropped 3 and a half percent in July... Putting this year on pace to be the worst year for the housing market in 14 years.

A private research group forecasts that the economy will grow slowly in the second half of the year, not enough for the jobless rate to drop much, But the Conference Board report could indicate the country likely won't fall back into a recession.


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