Stock prices tumbled on Wall Street and across much of the rest of the world yesterday. They were driven sharply lower by worries over slowing economic growth in the United States and worsening borrowing conditions that could make everything from huge corporate buyouts to buying a new home more difficult.
Major stock market gauges — including the Dow Jones industrial average and the Standard & Poor’s 500-stock index — were down more than 2 percent.
It was the worst one-day decline on Wall Street since markets plunged worldwide in late February after an investing scare in Shanghai, and it occurred amid the biggest volume of trading on the New York Stock Exchange in five years. Losses were comparable throughout Europe, and larger in many developing countries.
“The preconditions for a shock are in place,” said Mark Zandi, chief economist at Moody’s Economy.com. “Until very recently investors were very nonchalant about risks.”
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