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Stocks tank as markets enter bear market territory

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LONDON (AP) — Stocks tanked again Tuesday as many global markets entered official bear market territory after one of the worst days on Wall Street since the collapse of Lehman Brothers in 2008.

Asian markets briefly recouped many earlier losses and European stocks opened higher. That rally proved short-lived, as investors worried about the consequences of the U.S. credit downgrade, Europe's debt crisis and mounting expectations of a global recession.

Many investors are looking for relatively safer assets to park their cash and the price of gold and the Swiss franc continued to rise to record levels.

"Many global equity markets have now entered bear market territory having fallen by over 20 percent from their recent peaks," said Lee Hardman, an analyst at The Bank of Tokyo-Mitsubishi UFJ.

By mid-morning, Germany's DAX was down 5.2 percent at 5,617 while the CAC-40 in France was 3.4 percent lower at 3,020. The FTSE 100 index of leading British shares was down 3.6 percent at 4,887.

U.S. stocks were also poised for further falls at the open, a day after the Dow Jones industrial average fell a dizzying 634 points. Dow futures were down another 0.9 percent at 10,625 while the broader Standard & Poor's 500 futures fell the same rate to 1,099.


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