Market crash: $20 billion wiped out

ASX drops 1.6% as investors rush for the exits

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The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has dropped 1.4%, wiping $20 billion off the value of the market, following larges losses on Wall Street overnight.

The Dow Jones Industrial Average slumped 2.1%, while the S&P 500 lost 2.3%, and the NASDAQ dropped 2.6%, as US economic data showed the world’s largest economy expanded at its weakest pace in eight months as factory orders slumped.

With the US Federal Reserve trimming its bond buying program by another US$10 billion to US$65 billion, and concerns over emerging market economies and investors are dumping equities and running for the hills.

Biggest fallers from the ASX 20 coming up to lunch include Macquarie Group (ASX: MQG) and National Australia Bank (ASX: NAB), both down 2.2%, while Westpac Banking Corporation (ASX: WBC) and BHP Billiton (ASX: BHP) are down 2.1%.

But despite the market fall, a number of companies are going against the trend.

REA Group (ASX: REA) has climbed 1.9% to $42.47, after the owner of reported 30% growth in revenues for the first half of 2014, continuing its strong growth.

Titan Energy Services (ASX: TTN) has added 2%, after the oil and gas services company reported a 53% rise in revenues, and net profit up 117% for the first half. Titan also increased its dividend from 2 cents last year to 3.5 cents this half. The company says it is on track for 45%-59% growth in earnings before interest and tax (EBIT) for the full year, and believes it has solid growth prospects ahead.

Foolish takeaway

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