Overseas Stocks Point to Major Selloff in U.S.

A 6 percent drop in Japanese markets has spread to China, Australia and Europe.
0:52 | 06/13/13

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Transcript for Overseas Stocks Point to Major Selloff in U.S.
YOUR MONEY AND YOUR 401(k) Making news, wall street bracing for a rough day ahead after big losses overnight in the overseas markets. Let's get into abc's chief business and economics correspondent rebecca jarvis. Good morning. We're looking at a sea of stock volatility morning in, pointing to a major selloff head of dow on track to extend its longest streak losing streak of the of the year and e overnight in japan stocks plum etded, down more than 6%, pain spreading to japan and australia and stocks are lower in europe. What is driving this? Interest rates on the rise and means it's more expensive to do things like owning a home, buying a car or even expanding your business. And investors fear that could cut into global growth. There are also no silver bullets to turbocharge the economy,

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