Dow plunges 512 points
Dow plunges 512 points
August 4, 2011
Source: CS Monitor
The stock market went into free fall Thursday and suffered its worst day since December 2008, a time when the economy was sliding into a recession.
Economic Crisis U.S. Economy Business Economic Issues Central Banking Economies Public Finance
Intense selling drove the widely watched Dow Jones Industrial Average down 512.76 points, off more than 4 percent for the day. Almost every market index slid, as did the prices of oil and gold, as investors moved their money into US Treasury bills, a haven in times of stress.
Investor fears were so extreme and the sums of transferred money so vast that the yields on the short-term Treasuries were negative, meaning investors were paying the US government to hold their money.
The drop in stock prices was the eighth in the last nine trading sessions. Since July 22, the Dow average has lost 1,297.32 points, or about 10 percent of its value. In addition, the bad day on Thursday meant that almost all the major averages are lower for the year..
Leave a Reply