|Dow Plunges 500, Worst Day Since December 2008|
Stocks plunged sharply Thursday, with the Dow down more than 500 points, in its worst one-day drop since December 2008.
All three major averages tumbled into negative territory for the year as investors were rattled over an intensifying global economic slowdown and ahead of the widely-followed monthly unemployment report.
The major indexes are firmly in negative territory for the year. In addition, all three averages fell into “correction territory,” defined by a drop of 10 percent from its peak from its intraday high in Apr. 29.
“We’re not steering this bus—it’s all coming from Europe,” Art Cashin, director of floor operations at UBS Financial Services told CNBC. “We’re hearing reports of funds drawing out of European banks and we’re pretty close to something that might turn ugly.”
Comment by Adamantine:
For conspiratorial thinking if this becomes truly important then one must wonder if it is truly coming from Europe and its one world crowd.
If there is truly a “plunge protection team” then it will make sure the Dow Jones Industrial average is up today Friday August 5,2011.