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Need to Know News: Stocks plunge on economic fears; Morgan Stanley says U.S. 'dangerously close' to recession
August 18th, 2011
10:18 AM ET

Need to Know News: Stocks plunge on economic fears; Morgan Stanley says U.S. 'dangerously close' to recession

Each day, we here at "Piers Morgan Tonight" put together the news you need to know – from what happened last night to what will happen today.

For August 18, 2011 – Stocks plunge at open, unemployment claims jump back up, S&P to face U.S. probe on mortgages...

Stocks plunge on economic fears: "Turmoil returned to U.S. stock markets at Thursday's open as renewed concerns about the global economy sent major indexes plunging and pushed gold to a new record high.At the open, the Dow Jones industrial average dropped 307 points, or 2.7%; the S&P 500 was down 36 points, or 3%; and the Nasdaq Composite lost 89 points, or 3.5%."

• Morgan Stanley reports U.S. 'dangerously close' to recession: "A pessimistic report on the global economy from Morgan Stanley - particularly about the United States and Europe - sent the world's stock markets tumbling Thursday."

• Unemployment claims jump back up above 400,000: "The number of first-time filers for unemployment benefits rose more than expected last week and jumped back above the key 400,000 level, signaling that the job market remains stuck in the mud. There were 408,000 initial unemployment claims filed in the week ended Aug. 13, the Labor Department said Thursday, up 9,000 from an upwardly revised 399,000 the prior week."

• S&P said to face U.S. probe on mortgages: "Rating agency Standard & Poor's is being investigated by the U.S. Justice Department for allegedly overrating mortgage-backed securities, whose meltdown led to the 2008 financial crisis, according to a report published Thursday."

• Consumer prices rise in July: "Americans paid more for consumer goods and services in July, as inflation rose more than expected over the month. The Consumer Price Index, the government's key inflation measure, rose 0.5% in the month, led by a 4.7% increase in gas prices from month to month."

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soundoff (14 Responses)
  1. Manuel Pineda

    Piers Morgan, I cannot wait to see this twit go to jail for the phone hacking scandel. People like Piers Morgan gave us Obama. Piers Morgan asks stupid qustions so he can distract America. She has Tea Party support so he is trying to discredit them through her. People who are informed can see through his nonsence.

    August 18, 2011 at 10:38 am | Report abuse | Reply
  2. Joe Poole

    Not an O'Donnell fan, but interview was patronizing and a hatchet job. Shame! Tabloid background?

    August 18, 2011 at 10:56 am | Report abuse | Reply
  3. Virginia Wagner

    This is why I never watch Communist News Network. You are so narrow focused, using whatever current White House attack propaganda is handed your way. Journalism is non-existent at this network!!! Too bad.

    August 18, 2011 at 11:09 am | Report abuse | Reply
  4. Patty Murray

    Piers, you were quite the gentleman, and WHOM Is Ms. O"Donnell advisors now, not answering a legit questiion , like dah she look like she was going to stay then listened to her Great advisors, well this will nip it in the butt, as tea partiers are down the tubes, just remember no one from Texas or any tea totaler will win not even Palin , because , the People have not forgotten what happened to Gabby, thats why nothing gets done in Washington because there are the good ole boys and gals who won't budge out of their old ways of thinking , like that is why France and Austriala are more advanced in medical technology, but now thanks to the internet doctors are beginning to see the newer ways of things but the insurance companies and their greed has stopped progress. Lame duck year, everyone knows it. Please do a piece on the super quiet banks in the world that the crash didn't touch , hint, and follow the trends backwards and you'll be a hero. They are playing the millionares a fool but there are many angry millionares who lost a hoot and knows what happened that sept. because it started in june note from a old coot retired from the stock market. So follow the banks, backwards. And i wish someone would remind those seniors of the pill popping Rush and how on earth can aarp let him advertise in their magazine, like money talks , like poor pain problem he had an addiction, like over what was it 50,000 , wow expensive bad mouth habit maybe thats why he says those crazy things maybe he should be drug tested he is getting deilirous, Well cheer cheer, smile and have a great day. Sorry spelling been up 19hrs, wanted to get this out to u , do my 42hr in 3 days. Sorry i am rambling, have lots of story ideas if u ever need some .

    August 18, 2011 at 12:01 pm | Report abuse | Reply
  5. Patty Murray

    Hey forgot really liked that interview with the starbucks ceo, handsome , smart and articulate, not afraid to speak his mind, he should run for president. Or help the administration and our country . Have great day

    August 18, 2011 at 12:09 pm | Report abuse | Reply
  6. Nani

    Expand all

    Goldman Sachs – Too big to prosecute why?

    August 18, 2011 at 1:15 pm | Report abuse | Reply
  7. timmy

    wut iz a st0ck guize?

    August 19, 2011 at 8:33 am | Report abuse | Reply
  8. Mark Montgomery

    Christine O'Donnell is a typical tea party yahoo idiot witch. She is intellectually dishonest and incapable of being elected to any position and the public has no interest in what she thinks or does. Mark Montgomery NYC, NY

    August 20, 2011 at 5:30 am | Report abuse | Reply
  9. rajeev

    August 20, 2011 at 4:06 pm | Report abuse | Reply
  10. rajeev

    August 20, 2011 at 8:36 pm | Report abuse | Reply
  11. rajeev

    August 20, 2011 at 8:38 pm | Report abuse | Reply
  12. Deb6508

    Please switch up your replays during the late night early morning. I have CNN on all night and I think this is the 7th or 8th rerun of the Jimmy Kimmel show. It's not like I don't like Jimmie but you could repeat the interviews from that week over the weekend when you don't have a new show.

    August 21, 2011 at 5:42 am | Report abuse | Reply
  13. Damon Burich

    I like what you guys are up also. Such smart work and reporting! Keep up the excellent works guys I've incorporated you guys to my blogroll. I think it'll improve the value of my web site :).

    March 6, 2021 at 2:03 pm | Report abuse | Reply

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