Investors fled stocks on Thursday, putting the S&P 500 into correction territory, on escalating worries about the US economy and Europe. All three indexes were down 2 percent, falling more than 3 percent each at one point, and declining stocks were beating advancers on the New York Stock Exchange by 11 to 1.
Losses were strong across the board. Among stocks hitting new 52-week lows were Bank of America, down 4 percent at $9.16, Citigroup, down 3.2 percent at $36.05, and Hewlett-Packard, down 2.6 percent at $33.38. But among sectors, losses in energy and materials outpaced others, with both the S&P energy and materials down more than 4 percent each. Oil futures were down about $4 a barrel in New York. The CBOE Volatility index jumped to its highest since March.
The Dow Jones industrial average was down 275.72 points, or 2.32 percent, at 11,620.72. The Standard & Poor's 500 Index was down 29.27 points, or 2.36 percent, at 1,230.57. The Nasdaq Composite Index was down 63.75 points, or 2.37 percent, at 2,629.32.
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