Emerging-Market Stocks in ‘Correction’ After 10% Drop in 2009
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Developing-nation stocks fell for a second day, sending the MSCI Emerging-Markets Index down more than 10 percent from its 2009 high, amid concern the global recession will persist.
The 22-country benchmark index dropped 1.7 percent to 723.72 as of 4:57 p.m. in New York. It slid as much as 2.4 percent earlier, bringing its losses since June 1 to 10 percent and marking the first so-called correction since emerging-market stocks began rallying almost four months ago. Dubai’s Financial Market General Index sank 5.9 percent. In Latin America,