A sell-off in commodities drags stocks lower. Fred Katayama reports.
A broad-based sell-off on Wall Street. Stocks falling on a decline in commodity prices, with copper prices hitting a three-week low. Oil down as well, on worries about demand, especially from China. Ross Gerber, president and CEO of Gerber Kawasaki. SOUNDBITE: ROSS GERBER, PRESIDENT AND CEO, GERBER KAWASAKI (ENGLISH) SAYING: "Well, I think there is still a lot of uncertainly out there in the global markets about whether economies around the world are actually growing or not, and that is putting pressure on stocks. " Also weighing on equities- revived expectations that a Fed rate hike could still be in store this year. That also impacted the U.S. dollar which hit an almost two-week high against a basket of currencies. Goldman Sachs stock down. CEO Lloyd Blankfein said, he had a highly curable form of lymphoma. Groupon shares fell after the daily deals operator said it would cut about 1,100 jobs as it restructures outside North America. In Europe, Volkswagen shares fell another twenty percent, as the scandal over falsified U.S. vehicle emissions tests deepened. It could affect 11 million cars worldwide. CEO Martin Winterkom apologized but refused to step down. European stock markets were down across the board.