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Dow Plunges 480+, Below 11K

S&P, Nasdaq follow suit

By Evann Gastaldo, Newser Staff

Posted Aug 18, 2011 8:53 AM CDT | Updated Aug 18, 2011 9:19 AM CDT

(Newser) – The Dow plunged more than 300 points at the open today, and dropped almost 500 before retreating, as investors worried about Europe and the global economy. It's currently hovering just below 11,000, according to Marketwatch. The S&P 500 also dropped 48 points to 1,146, while the Nasdaq fell 115 points to 2,397. The Wall Street Journal notes that, in particular, Bank of America and HP shares tumbled.

Traders Anthony Riccio, Edward Baumann, and Andrew Igoe, left to right, work on the floor of the New York Stock Exchange Tuesday, Aug. 16, 2011. (AP Photo/Richard Drew)

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COMMENTS

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Showing 3 of 14 comments

Non-deep-thinker

Aug 18, 2011 11:47 AM CDT

The little guy would be insane to be in this market -- unless he has no choice, of course, and his retirement savings are locked up there. This has to be just a group of pro's at this point going at it against each other, trying to gain an advantage here and there, one way or another, and every 10th day or so they happen to look up from their high-stakes card game and notice that there's no captain of the ship, the wheelhouse is empty, and the ship is spinning in circles. Then they all bail again. If the plunge gets deep enough, then they all bargain hunt and it goes back up. Not exactly what you'd call a healthy underpinning for the financial foundations of a country.

NationalSovereignty

Aug 18, 2011 11:34 AM CDT

Go fuck yourself with your partisan bullshit, this is going to be the worst thing this country has ever seen. Brace for it. Maybe your precious Obama should do a FOURTH "quantitative enhancement package". Your CLOWNS, especially you odowd80.

odowd80

Aug 18, 2011 10:07 AM CDT

But the Bush Tax Cuts are still in effect. I thought those tax breaks were supposed to improve the economy and create jobs.? Of course, conservatives will blame Obama, because as we all know, when the Dow was rising from 2009 to 2011, it wasn't worth talking about, but now that its falling, its Obama's fault. Conservatives take over Congress, stimulus spending stops, Republican budget cuts go wild, and the economy tanks. Teachers across the country are being laid off left and right, is anyone actually surprised by this second dip?

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(NEWSER) - President Obama might be getting good reviews for his plan to shore up the US economy, but investors are far more worried about Europe, reports MarketWatch . The Dow was down more than 300 points at midday to below 11,000, and both Nasdaq and the S&P 500 were each down more than 2.6%. A Bloomberg report that Germany is preparing a contingency plan to protect its banks from a Greece default is contributing to the malaise. More»

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(NEWSER) - The only good thing to say about today's stock market is that it's finally over. The Dow fell a staggering 513 points, or 4.3%, to close at 11,384. It's the worst point drop since December 2008 and the worst percentage drop since February 2009, reports MarketWatch . The S&P 500 plunged 60, or nearly 5%, and NASDAQ dropped 137, about 5%. All three major indexes are now in the red for the year. More»

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Dow Plunges 480+, Below 11K

S&P, Nasdaq follow suit

OTHER STORIES ON OUR RADAR

stock market • NASDAQ • Dow Jones • markets • Dow • S&P 500 • Dow Industrial • Standard & Poor's

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