Gloom over US economy sends stocks tumbling

STOCKS and interest rates tumbled yesterday as investors took a bleaker view of the US economy.

The Dow Jones industrial average fell 265 points, its biggest drop in six weeks, and all the major indexes fell more than 2%.

The yield on the Treasury’s 10-year note fell to its lowest level since March 2009 as investors worried about the economy and avoiding stocks, sought the safety of government securities.