Traders on Wall Street continued to sell stocks Thursday, driving the major indices to major new lows.
Adding heat to the fire was a report by the U.S. Mortgage Bankers Association released on Thursday, which showed home foreclosures at their highest level in more than twenty years.
At the close of trading the Dow Jones Industrials were down a hefty 214.60 points or 1.75% at 12,040.39.
The tech-laden Nasdaq Composite was off 52.31 points or 2.30% at 2,220.50.
The Standard and Poor's 500 was down 29.35 points or 2.20% at 1,304.35.
U.S. home foreclosures rose to record highs in the December quarter, the Mortgage Bankers Association said Thursday. The number of foreclosures was higher than at any time since 1985.
The Labor Department also released data Thursday indicating the number of workers on jobless benefits remains at a two-and-a-half year high.
The U.S. dollar meantime sold off again. The euro reached new highs Thursday. At last call it was trading at 1.5388 around the New York close.
The British pound rallied to 2.0108, while the Swiss franc climbed to a three-year-high of 1.0216.
The Japanese yen rose to 102.57, while the Australian dollar was off sharply at .9252.
The Canadian dollar was little changed at .9868.
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