Dubai Knocks Dow Down 222 at Open

Stocks braced for a short but ugly Thanksgiving hangover, thanks to news of big debt problems in Dubai. The Dow tumbled 222 points at the open, while the S&P fell 25 and the Nadaq 57, reports the Wall Street Journal. While US traders were enjoying their turkey yesterday, global markets tumbled on news that Dubai World had asked its creditors for a six-month extension.

“Investors have been taken by surprise by all of this, which to some extent surprises me because the problems in Dubai are well known,” says one analyst. “That shock that makes investors further reduce risk. … Investors are quite nervous about valuations in general.” (More stock market stories.)