Golden Sun eXtra Your Local News Source, Mohave County, AZ

U.S. stocks plunged Friday as a wave of fear swept through world markets over concerns that financial trouble in the Middle Eastern city-state of Dubai will end a global economic recovery.

Stock futures fell more than 2% and Treasury prices jumped sharply. The dollar gained against most other major currencies as investors sought safety following steep drops in overseas markets Thursday and again Friday. Commodities prices tumbled.

Investors are worried that a default by a government investment company in Dubai on over $60 billion in debt payments could have a ripple effect in world financial markets. The fear is that losses in the small emirate, which has drawn wealthy tourists from around the globe in the past decade with its Las Vegas-in-the-Middle East appeal, could bring economic rebound to a sudden halt.

Worries about bad debt are fresh in investors' minds after the collapse of the U.S. brokerage Lehman Brothers in September last year pushed the world overnight deeper into recession as banks halted lending on fears of a domino effect of bad loans.

Dow Jones industrial average futures are down 222, or 2.1%, at 10,220. Standard & Poor's 500 index futures are down 29.20, or 2.6%, at 1,079.70. Nasdaq 100 index futures are down 47.25, or 2.6%, at 1,747.00.

SOCIAL BOOKMARK IT! Backflip BlinkBits Blinklist blogmarks del.icio.us digg Furl Raw Sugar reddit Shadows Simpy Spurl Technorati Yahoo My Web More... | WHAT IS THIS?

SOCIAL BOOKMARK IT!
Backflip BlinkBits Blinklist blogmarks del.icio.us digg Furl Raw Sugar reddit Shadows Simpy Spurl Technorati Yahoo My Web More... | WHAT IS THIS?