US Stocks tumbled Friday, more than erasing the previous session's gains, as investors dumped a variety of shares at the end of a rough week and choppy month on Wall Street.
The Dow Jones industrial average (INDU) lost nearly 250 points, or 2.5% to close at 9,712.73. The Dow lost as much as 278 points earlier. It was the Dow's biggest one-day selloff on a point basis since April 20.
Some analysts are saying "We might finally be seeing the 5% to 15% correction that many people have been calling for since the summer. I think the run has just gotten tired. A lot of people who wanted to get in over the last two months have done that, so maybe we need to sell off more to get more people back in."
LONDON - European stock markets fell victim to profit-taking on Friday, with the London FTSE 100 index shedding 93.17 points, or 1.81 per cent to end the week at 5,044.55 points.
FRANKFURT - In Germany, the DAX dropped 172.49 points, or 3.09 per cent, at 5,414.96 points.
PARIS - In France, the CAC 40 fell 106.33 points, or 2.86 per cent, to 3,607.69.
Oil prices sank on Friday, mirroring losses on global stock markets, after surging the previous day on news that the United States had emerged from recession.
New York's main contract, light sweet crude for December delivery, fell $US2.87 to $US77.00 a barrel.
The Australian share market is expected to open significantly lower after Wall Street sank on Friday and heavy losses were also seen in commodity prices.
Looking at the futures market the SPI200’s down 118 points.
Gold down 6.70 to US$1040.40 an ounce Silver down 40c to US$16.255 an ounce Copper down 7.4c at US$2.9555 a pound
