“Monumental beating” is how MarketWatch is calling it this morning for U.S. stocks.

U.S. stock futures pointed to another monumental beating on Friday - with leading contracts falling as much as rules allow — as a plunge in Asia reignited concerns about the health of the global economy.

S&P 500 futures dropped 60 points to 855.20 and Nasdaq 100 futures fell 85 points to 1,168.50. Dow industrial futures fell 550 points.

All three contracts fell so much that they reached pre-specified limits that can’t be broken until pit trading opens.

Thursday’s session for U.S. stocks was erratic but generally positive, with the Dow Jones Industrial Average closing 172 points higher and the S&P 500 rising 11 points, though the Nasdaq Composite slipped 11 points.

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The first quarter of 2008 is complete. Boy has it been brutal. As of this writing, the Dow Jones Industrial Average dropped 7.53%, the Nasdaq Composite Index corrected by 14.09% and the S&P 500 retraced 9.88%. While many people lost money on American equities, Death Cross Trader subscribers came out well ahead of the game.

I remember university. When I wasn’t diligently studying economics, that’ll be most of the time, then, I was doing what everyone does at that time of life. Trying to pack as much enjoyment into those three short years before I had to go out into the world and actually work for living.

US markets marked the strongest second quarter start since 1938, reports Money Morning.

The rally in financial stocks led the three major indexes to post gains of more than 3%.

At the New York close, the blue-chip Dow Jones Industrial Average Index had posted a gain of 391.96 points (3.20%), to close at 12,654.85.