Word of Dubai potentially defaulting on massive debt sent tremors throughout the world's markets. U.S. Index Futures sold off dramatically in the pre-open then spent the most of the shortened session crawling higher. The VIX roared to life after hitting recent yearly lows, spiking over 20% on the session indicating the nervousness has spread to America. The DJIA closed down -154.48 to 10309.92, the tech heavy Nasdaq dropped -37.61 to 2138.44 and the broad based S&P 500 fell -19.14 to 1091.49.
MGM Mirage ( MGM | Quote | Chart | News | PowerRating): Fell 4.09% or 45 cents to $10.56/share after its partner, Dubai World, asked creditors for a standstill agreement until the default situation is worked out.
ING Group ( ING | Quote | Chart | News | PowerRating): Collapsed 19.87% or $2.44 to $9.84/share after offering to sell billions in shares to repay state aid ahead of schedule.
Freeport McMoRan Copper ( FCX | Quote | Chart | News | PowerRating): Dropped 3.64% or $3.18 to $84.14/share as the entire commodity complex fell on Dubai's woes.
Midsouth Bancorp ( MSL | Quote | Chart | News | PowerRating): Slipped 4.62% or 62 cents to $12.80/share upon stating it will sell shares to fund acquisitions.
Oil fell $1.91 to $76.00, gold dropped $13.10 to $1176.00 and the fear index VIX spiked 20.80% to 24.74.
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