US ECONOMY IN CRISIS
Stocks plunge after another day of volatile trading: Stocks finished the day down sharply as sellers returned to the market in full force following Tuesday’s dramatic rebound.
The Dow Jones industrial average was down about 520 points, or 4.6 percent, putting the blue-chip index below the 11,000 level it had managed to break through during Tuesday’s rally. The Standard & Poor’s 500, a broader market measure, was down about 52 points, or 4.4 percent, while the Nasdaq, a more tech-heavy index, was down 101 points, or about 4 percent.
The plunge on Wall Street, which reached around 4 percent in late trading, drove home a powerful message to investors: That the rally of about 4.7 percent in the Standard & Poor’s 500 index and other indexes on Tuesday had no basis to last. — NYT, 8-9-11
- Banks drag Wall Street lower on Europe debt: Fear returned to Wall Street on Wednesday, sending the S&P 500 to another 4 percent decline, triggered by worries that Europe’s debt crisis could engulf French banks and spill onto the U.S. financial sector.
Trading was once again marked by sharp moves on heavy volume. For a fifth straight day, the Dow industrials fluctuated in a range of more than 400 points…. – Reuters, 8-10-11
- Dow Closes Down 520 Points, Reverses Tuesday Gains: The rollercoaster stock market took another downward turn Wednesday, with the Dow closing down 520 points, wiping out Tuesday’s recovery from a 600-point dip on Monday…. – PBS Newshour, 8-10-11
- Stocks Drop 4%, Dow Skids 500, Led by Banks: Stocks finished near session lows in choppy trading Wednesday, with the Dow and S&P wiping out all of the previous session’s gains led by financials, as investors continued to cautiously monitor developments in the European banks. … – CNBC.com, 8-10-11
- Wall Street Loses Previous Day’s Gains: A major sell-off in the last minutes of today’s trading made the Dow Jones Industrial Average lose 520 points, making Wall Street lose the gains it earned yesterday. A few minutes before 4 p.m., the Dow fell about 150 points, making today’s total its ninth-largest loss in history. The S&P 500 fell 51 points and the technology-heavy Nasdaq also fell 101 points…. NY1, 8-10-11
- Dow Declines 520 Points, Volatility Spikes: There was little to cheer in the market Wednesday, a day in which the Dow’s 4.6% decline negated Tuesday’s gains, gold prices surged and volatility spiked. The Dow Jones Industrial Average sank 519.83 points to 10719.94. … – Barron’s, 8-10-11
- Wall Street Veterans Struggle To Comprehend Recent Market Moves: The stock market’s steep declines have not only produced jittery daily gyrations and heightened volatility, but they have also stunned some of Wall Street’s well-known veterans. … – WSJ, 8-10-11