Financial Markets Tumble as Risk Aversion Rises to 2-Year High

Wall Street slumped with DJIA and S&P 500 plummeting -5.55% and -6.66% respectively as recent selloff accelerated after S&P's downgrade of US-linked assets. The volatility index (VIX) jumped to 48, signaling market sentiment has plunged to a 2-year low. Commodities, with the exception of gold, tumbled. The front-month contracts for WTI and Brent crude oil lost -3.26% and -5.15% respectively. Both contracts extended the decline in Asia today with the former at one point diving to 75.71, a level not seen since September 2009, while the latter to 98.74, the lowest level since February 2011.

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Financial Markets Tumble as Risk Aversion Rises to 2-Year High