Wall Street was haunted by the specter of Europe's debt crisis poisoning major global economies, shoving the broad S&P into the red for the sixth-straight session.
The Dow Jones Industrial Average, as quoted by foxbusiness.com, fell 236 points, or 2.1%, to 11,258, the S&P 500 dipped 26.3 points, or 2.2%, to 1,162 and the Nasdaq Composite slid 61.2 points, or 2.4%, to 2,460.
Wall Street has been fixated on the euro zone debt crisis, which is increasingly becoming a global debacle. Indeed, the broad S&P 500 fell for its sixth-straight day on Wednesday in a sign that investors are growing wary of the rapid contagion.
On the day, financial, energy and materials shares sustained the heaviest selling as a result of the European jitters.
Volatility climbed 4.5% and yields on U.S. government debt fell as traders fled equity markets. The yield on the benchmark 10-year U.S. Treasury note fell to 1.878% from 1.92%.
Meanwhile, the price to insure BofA's debt hit the highest level since October, while the cost of insuring other banks' debt rose as well. How about Indonesia stock market today? Here are recommendations provided by Bisnis Indonesia today:
Jakarta Composite Index (JCI) may move to the support level of 3,660 and resistance of 3,735. Several stocks to watch: ASII, BBRI, and ASRI.
The JCI is estimated to move within the range of 3,665-3,735. Several stocks to watch: ROTI, AUTO, and INTP.
The JCI is estimated to move mixed with limited decrease. The support and resistance level is between 3,630-3,720. Yesterday, the index inched up after investors were in selective buying.
Disclosure: No position at the stock mentioned above.
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