Treasuries Soar, Dollar Sinks

Treasuries rallied, with the 2-year note recording its biggest weekly increase since 9/11, according to Bloomberg. Bonds surged as traders sought shelter from the widespread selling of stocks.

Concerns about the ongoing housing slump and still shaky credit markets seemed to be at the fore. It was the fifth straight day of gains for bonds and the fifth straight day of losses for the Dow, which tumbled nearly 367 points. Today also marked the 20th anniversary of "Black Monday", when the Dow lost 22.6% in one day.

The U.S. dollar continued its plunge, with the Dollar Index hitting a record low.

Crude oil hit a record high, before retreating to close the week at $88.60. Earlier in the day, crude rose above $90 per barrel for the first time (read more).

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