Dow Drops 228, Sinks Below 12,000

Worries over global economy kneecap Dow
By Newser Editors and Wire Services
Posted Mar 10, 2011 3:13 PM CST
Specialist Christopher Culhane works at his post on the floor of the New York Stock Exchange Thursday, March 10, 2011.   (AP Photo/Richard Drew)

(Newser) – Weak economic news from China, the US, and Spain combined with a slump in oil companies sent stocks sharply lower. The Dow Jones industrial average had its biggest one-day drop since August. It fell 228 points, or 1.9%, to close at 11,984, while the S&P 500 index fell 24, or 1.9%, to 1,295, and Nasdaq fell 50, or 1.8%, to 2,701.

Investors were jarred when China reported a surprise trade deficit. Moody's, meanwhile, downgraded Spain's debt, re-igniting fears about Europe's debt crisis. And in the US, the government reported that new applications for unemployment benefits rose more than expected last week. (Read more Dow Jones stories.)

My Take on This Story
Show results without voting  |