Australian shares slumped to a six-month low today as investors joined a global flight out of risky assets, triggered by fresh concerns over a global economic slowdown after anemic US jobs figures and soft Chinese factory data.
The benchmark S&P/ASX200 index plunged 78.9 points, or 1.9 per cent, to 3985, losing grip on the psychological 4000 level and hitting its lowest mark since November 25. The broader All Ordinaries index lost 83.5 points, or 2 per cent, to 4033.4.
Among the sectors, energy stocks fell 3.3 per cent, materials dropped 2.8 per cent and financials lost 1.7 per cent. Gold miners and telcos were the only two sectors to post gains, adding 2.7 and 0.5 per cent respectively.
The day's losses wiped another $24 billion off the market's value and took the slump since May 1 to 10.4 per cent, meeting the usual definition of a market correction. For the year, the benchmark index is down 1.75 per cent.
Read more: http://www.smh.com.au/business/markets/global-fears-wipe-another-24b-off-market-20120604-1zqla.html#ixzz1wozU1p1p
Of course you could have just bought gold and not worried about all this white noise.