Stocks Dip Amid Global Selloff

Stocks pointed downward this morning, as big overseas selloffs spooked investors, the Wall Street Journal reports. The Dow dropped 134 points shortly after its open, while the S&P dropped 1.7% and the Nasdaq 1.6%. There were positive signs overseas, including an IMF rescue plan for Hungary and Ukraine and a surprise rate cut from South Korea, but markets dove anyway, with Hong Kong sinking 12.7% and the Nikkei hitting a 26-year low.

Treasuries were trading higher this morning, as investors keep looking to government debt as a safe haven. The three month Libor saw a tiny decline, while the dollar climbed against the Euro and the pound. Oil fell $2.18 to $61.97. (More stock market stories.)