Stocks recovered from their worst levels of the day, but still had heavy losses on weakness in financial stocks. Bobbi Rebell reports.
It was an ugly day on Wall Street, but it could have been worse. The Dow coming back from a more than 400 point intraday loss, to close down less than 200 points in part because energy stocks rebounded. Worst hit - banks and other economically sensitive stocks on concerns about global growth. Oil prices dropping below $30 a barrel at one point, though recovering as well. Gold prices surged to their highest level since June. Look for the S&P 500 to plunge further, says OppenheimerFunds' Alec Young: SOUNDBITE: ALEX YOUNG, INVESTMENT STRATEGIST, OPPENHEIMERFUNDS (ENGLISH) SAYING: "Right now, we were already below 1850, and I think we could see a 1700 type of number before it's all over." Chesapeake Energy plummeted to its lowest level in 17 years after Reuters reported it has hired restructuring lawyers. It was the day's biggest big cap decliner. Twitter shares fell. The hashtag #RIPTwitter was the top trending item Saturday after BuzzFeed reported the microblogging site would begin prioritizing tweets. Apollo Education's shares leapt higher. A consortium is taking the for-profit education provider private in a $1.1 billion deal. Hollywood helped Hasbro. Strong sales of "Star Wars" and "Jurassic World" propelled sales to their highest level in almost five years. Financial stocks helped drag European shares down to their lowest level in more than two years.