LONDON The dollar hit a 16-month low against the yen on Thursday to put it on course for its worst week since the Lehman crisis as investors scrambled for relative safety, buying up gold and top-rated bonds and dumping stocks.
Investors around the world fled stocks and piled into havens Thursday as a cautious tone from the Federal Reserve, a resumption of the slide in bank shares and a fresh fall in oil prices fueled anxiety about the global economy.
It's scary out there. The rout in the stock market that began around Jan. 1 took a turn for the worse early this month. By Feb. 10 the Standard & Poor's 500-stock index was down 9 percent for the year.
Just two years ago, SolarCity and other rooftop solar providers were Wall Street darlings, and prospects for growth were flying high, as enthusiasm for solar power was seemingly boundless.
Morgan Stanley agreed to pay $3.2 billion to end a joint federal-state investigation into its handling of mortgage-backed securities, the fourth deal to be struck in a probe of the big U.S.