Markets Tumble on Economic Concerns

Aug. 04, 2011 11:19AM PST

Concerns on the status of the global economy have pushed the markets to their steepest drop in more than two years.

In the steepest drop in more than two years, the S&P/TSX Index lost over 400 points, hitting 12, 409.73 in Thursday’s late morning trading. Mounting concerns over the status of the US and the European economies have scared investors away from the stock markets.

Gold slipped from its high of of $1,683.30 to a low of $1,639.30, while oil plunged 4.8 percent to $87.55 per barrel.

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