Tel Aviv Stock Market Crashes as Panic Grips

Hysteria swamped the Tel Aviv Stock Exchange (TASE) today when the Tel Aviv 25 Index plunged 7 percent to 1,074.27 points, according to Globes.

The opening of trading was delayed nearly two hours, from the usual 9 a.m. to 10:44 a.m. when the automatic shut-off kicked in, Globes reported.

The panic came on the heels of the TASE's worst week since 2008, exacerbated by Standard $ Poor’s downgrade of U.S. credit Friday night and Friday's steep drops in international stock markets. Also contributing were fears that Europe’s debt crisis will spread.