Global markets in turmoil; US, Europe debt woes spook many investors

World stocks racked up more losses on Monday on rising worries about a double-dip global recession, deep-rooted jitters over the first-ever US credit rating downgrade and festering concerns about Europe’s debt woes.

Shrugging off reassuring comments from major central bankers and finance ministers over the weekend, investors fled from equities into assets they deemed safer—like gold which hit a record of $1,715 per ounce.

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