Around the World's Markets: New York

Click to follow
The Independent Online
SHARES AND bonds plunged to new lows, as negative comments from prominent analysts contributed to a sell-off which traders said approached panic proportions. By midday, the Dow Jones was down 219.40 at 7,523.11. The broader S&P 500 index was down 4.37 per cent at 928.28, as Abby Cohen of Goldman Sachs cut her 1998 and 1999 earnings estimates for S&P 500 companies.

Commentators said the long bond was pressured by apparent heavy selling by Japanese investors.