Monday, August 8, 2011

The Mean Street: Dow Plunges 600

Posted By on Mon, Aug 8, 2011 at 3:09 PM

The bears are still loose on Wall Street. Stocks plummeted again today, in a full reflection of the announcement late Friday that Standard & Poor's was cutting its rating on the nation's long-term debt. Brokers and traders are in panic.

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The Dow Jones Industrial Average plunged more than 600 points in a full-blown sell-off. The loss was the Dow's steepest single-day decline since December 2008. Additionally, the Nasdaq dropped nearly 7 percent, and the S&P 500 lost more than 6 percent, on top of last week's 6 percent drop.

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