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The global market rout intensified yesterday as big stock indexes hit the lowest point in years, forcing investors to turn to gold for solace.
The Dow Jones dropped 1.6%—bringing it to its lowest point in two years. The S&P 500 fell 1.2% (lowest close since April last year). Meanwhile the Nasdaq dipped 0.4%, a 16-month low, the Wall Street Journal reports.
On the flip side, gold showed its Midas Touch, rising 4.5%. US government bonds showed promise too, dropping to 1.642% from 1.706% on Wednesday.
“Now is not the time for investors to do anything heroic, to try to anticipate the next leg down or anticipate a market recovery," says David Jilek, chief investment strategist at Gateway Investment Advisers, a firm with $12B under management.
Money managers and analysts say investors are wary of making big changes to their portfolios, suggesting the market hasn’t bottomed out yet. [WSJ]
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