Wall Street Selloff Leads to Global Declines

Wall Street's massive selloff Thursday hit global markets Friday, with stocks in London lower and Japanese shares closing down more than 3%.
Author:
Publish date:

Updated from 4:30 a.m. EDT

NEW YORK (

TheStreet

) -- Wall Street's massive selloff Thursday hit global markets Friday, with stocks in London lower and Japanese shares closing down more than 3%.

Stocks in Germany were down 0.8% and the CAC in Paris fell 1.4%.

London markets were trading 0.6% lower as uncertainty looms on whether the U.K. election will result in a

hung parliament

.

The Nikkei 225 stock average in Tokyo plunged 331.10 points, or 3.1%, to 10,364.59 and the Hang Seng in Hong Kong tumbled 1.1%. Stocks in Shanghai fell 1.9%.

The declines overseas come a day after the

Dow Jones Industrial Average

at one point lost nearly

1,000 points before recovering

to close down about 350 points.

The plunge on Wall Street was being blamed on a simple trading error. The

Securities and Exchange Commission

said it was investigating what took place.

Worries that Greece's debt troubles could spread across Europe also were a culprit for the market declines.

What Happens if Greece Defaults? (Forbes)

"I am very concerned about the Greek problem," Japan's Prime Minister Yukio Hatoyama told reporters as the Nikkei index closed lower.

Premarket futures suggested stocks on Wall Street would open higher.

-- Reported by Joseph Woelfel in New York.

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