The New York Times Feb 17, 2009 Jack Healy - Matthew Saltmarsh - Eric Dash
Worries about the deteriorating financial situation in countries like Romania and Hungary led to a huge sell-off on Tuesday that began overseas and crashed ashore on Wall Street.
The losses on Wall Street were part of a global wave of selling that dragged down stock markets from Tokyo to London and Frankfurt to Brazil, highlighting fears about how banks, automakers — entire countries — will fare in a deepening global downturn.
The broader Standard & Poor’s 500-stock index slid 37.67 points, or 4.6 percent, to 789.17, dropping below what analysts said was an important trading threshold of 800.
“Nobody believes it’s going get better yet,” said Howard Silverblatt, senior index analyst at Standard & Poor’s.