(CNBC) U.S. stocks sank on Thursday, erasing gains that came with the previous day’s rally, as investors bypassed U.S. corporate earnings and economic reports to focus on global concerns, including Europe’s softening economy.
“We’ve added global growth concerns on top of other headline risks, (such as) air strikes, Ebola,” said Sean McCarthy, regional chief investment officer for Wells Fargo Private Bank.
Ahead of Wall Street’s start, data showed a 5.8 percent drop in German exports in August, adding to downbeat numbers that had German industrial orders and output falling as well.
“Europe’s growth is weak, and close to going into recessionary like conditions; everyone is waiting for the bazooka to be fired,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
