Global Markets Shudder --- Doubts About U.S. Economy and a Debt Crunch in Europe Jolt Hopes for a Recovery
Concerns are growing that the world hasn't seen the last of the economic crisis.</br></br>Jitters about the U.S. economy and signs that Greece's debt woes are spreading across Europe roiled markets on Thursday, driving the Dow Jones Industrial Average briefly below the 10000 mark.</br></br>U.S. stock investors, waking up to a turbulent European trading session, were further unnerved by an unexpected rise in the latest report on initial claims for jobless benefits. Ahead of a key January employment report due out Friday, the claims numbers revived on-again, off-again concerns about the strength of the U.S. economic recovery.</br></br>The resulting selloff took the Dow below the psychologically important 10000 level in the final moments of trading. It managed to finish at 10002.18, but nevertheless had a 2.6% decline, led by big drops in financial stocks. The 268.37-point fall was its biggest one-day loss since last April.</br></br>Asian markets, which had eased modestly Thursday, opened sharply lower on Friday, underscoring the global impact of the market tremors.