04 Aug '11, 9pm

US stocks plunge in worst day since crisis

US stocks plunge in worst day since crisis

NEW YORK: The Dow Jones Industrial Average plunged 4.3 per cent Thursday, its worst one-day drop since the financial crisis, as global markets melted down over fears of a new economic downturn. The Dow closed down 512.76 points to 11,383.68. The broader S&P 500 lost 4.8 per cent to 1,200.07, while the tech-heavy Nasdaq Composite plunged 5.1 per cent to 2,556.39. More turmoil over sovereign debt problems in Europe and feeble US economic data are stoking "fear that the economy is heading for a double-dip recession," said Peter Cardillo of Rockwell Global Capital. "The market is pricing that in," he said. The last time that the Dow fell as many points in a single day was in October 2008, during the nadir of the global financial crisis. All three indices are now well below the level at which they began 2011. "We're seeing the erosion and now the loss of confidence, confidence ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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