Ugly day for global stocks across Wall Street, Europe, Nikkei

[superadmin]

NEW YORK: Global markets were a sea of red on Monday, with Japan’s Nikkei suffering a historic drop and New York falling hard in a pullback attributed to economic unease and fallout from recent monetary policy shifts.

Following a decisive down day in Europe, all three major US indices spent the entire day in the red, with the Dow Jones Industrial Average losing 2.6%, or more than 1,000 points, to finish at 38,703.27.

The losses followed down days last Thursday and Friday on the heels of poor US employment data and a negative survey from manufacturers that sparked worries about a recession.

Seizing on that point, some market watchers have called for the Federal Reserve to cut interest rates — perhaps even in an emergency meeting — after the central bank kept rates unchanged last week.

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