'Panic' Grips Global Markets (John Heinzl)

Created by : Francis Goodwin View profile

(Globe and Mail) -- Enjoying September are you? Didn't think so.

Living up to its reputation as one of the cruellest months for stocks, September has a perfect score so far: Three days, three gut-twisting losses.

In the span of just 72 hours, the S&P/TSX composite index has plunged 957 points or 7 per cent, including a 324-point tumble Thursday that could have been much worse: At one point, the index was down as much as 428 points before a few brave – or reckless – bargain hunters stepped in.

“The sentiment has gone from euphoria to panic,” said John Stephenson, senior vice-president and portfolio manager at First Asset Investment Management.

“Right now people want out at any price.”