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Business

Markets Tumble as Smoke Rises over Big Apple

European markets slid in mid afternoon trading on Monday after news of a plane crash in Queens, New York, sparked panic over fresh terror attacks.

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An American Airlines plane crashed into a residential area as it tried to take off from JFK airport in New York. The crash re-ignited fears over the vulnerability of the U.S. economy to terror attacks on Monday, sending shares and the dollar tumbling.

London's FTSE 100 was down 2.1 percent and the FTSE Eurotop 100 was down 3 percent. Frankfurt's DAX 30 slipped 4 percent.

On the new markets and indices, the FTSE Tech-MARK was 2.6 percent lower and the Neuer Markt 50 lost 4.1 percent.

Sellers rushed to sell insurance and airline stocks. Germany's Allianz was down 4.5 percent, Prudential was down 4.3 percent and re-insurer Munich Re lost 4.3 percent.

European defence group EADS , which makes Airbus, lost 13.2 percent.

The airline sector, which has seen traffic fall sharply since the September 11 attacks on the World Trade Center in New York and on the Pentagon in Washington, reacted badly. British Airways fell 10.6 percent.

European currencies rose against the dollar, with the euro adding 3/4 cent to trade around $0.90 and the Swiss franc, a traditional safe haven in times of turmoil, rising half a centime to 1.6233 to the dollar.