Stock Selloff Spreads Abroad

While none were as dramatic as the Dow Jones' wild swing on Thursday, stocks fell around the world during the U.S. overnight as a bailout package for Greece failed to calm fears of a debt crisis. Japan's Nikkei 225 Index dropped 3.1 percent, the MSCI Asia Pacific Index dropped 1.7 percent. The Stoxx Europe 600 index was down 2.9 percent in London Friday morning. Anxiety is getting worse. Bob Parker, an adviser to Credit Suisse Asset Management, told Bloomberg: "Markets are highly concerned about the contagion effect. There's been nothing to calm market fears." Looking to soothe panicky nerves, finance ministers from the G7 nations are holding a conference call Friday to discuss the Greek debt situation, The New York Times reports. The uncertainty of the British election, where David Cameron's Conservatives appear short of an outright majority, also affected the market—the pound fell to a 13-month low out of concerns a weak government will emerge from the fray.