04 Aug '11, 10pm

The Dow plunged over 500 points, falling 4.3% in its worst day since the 2008 financial crisis

The Dow plunged over 500 points, falling 4.3% in its worst day since the 2008 financial crisis

An electronic board displays trading activity on the floor of the New York Stock Exchange on Thursday, Aug. 4, 2011 in New York. -- PHOTO: AP NEW YORK - THE Dow Jones Industrial Average plunged 4.3 per cent on 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 Mr 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 c...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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