Thanks afternoon crew. Happy to see this week end! We go again on Monday.
End-of-day summary:
A week that delivered back-to-back record highs ended with the share market's biggest setback in at least 16 months after recession fears crunched US stocks.
The ASX 200 plunged 171.5 points or 2.11% from yesterday's record close. Consumer stocks, REITs and tech companies led the stampede to the exits. Uranium stocks came in for particularly brutal treatment after the world's largest producer increased its production forecast, sending uranium prices lower.
While the carnage was widespread, traditional havens fared better than other sectors. A record close for gold helped the sub-sector edge up 0.18%.
The end result for investors was that the index's 2.44% gain for the week at yesterday's close dwindled to just 0.27% by this afternoon.
Wall Street laid the groundwork for today's smash-up with a panicky reaction to signs the US economy may be tipping towards the "hard landing" most investors have been betting it would avoid. The S&P 500 dropped 1.37% as investors dumped stocks seen as most exposed if a recession ensues.
US futures remained in the doldrums as the Australian trading week ended. S&P 500 futures were down 0.84%.
