The plunge driven by more bad news out of Asia: South Koreas markets dropped 5.1 percent following yesterdays presidential election victory by Kim Dae-jung, who had previously indicated an intention to renegotiate the IMF bailout although he quickly moved to assure the international banking community that he would do its bidding. Investors in Tokyo capped a gloomy week with a sell-off that drove the Nikkei down 5.3 percent, while Hong Kongs Hang Seng index fell 3.2 percent.
Asia's Woes Send Dow Plunging
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NEW YORK: The Dow dropped sharply in the first hours of trading Friday and was down 167 points by mid-morning, although it began to rally by the early afternoon.