Dow Average Plunges 513, Worst Drop Since 2008

6 years 9 months 2 weeks ago Thursday, August 04 2011 Aug 4, 2011 Thursday, August 04, 2011 3:33:00 PM CDT August 04, 2011 in News
Source: Associated Press
By: Associated Press

NEW YORK (AP) - The stock market is finishing its worst day since the financial crisis.

The Dow Jones industrial average plunged more than 500 points Thursday. Investors are concerned that the U.S. economy will enter another recession and that Europe's debt problems are not closed to being solved.

Major stock indexes fell more than 4 percent.

The Dow is closing with a loss of 513 points, or 4.3 percent, to 11,384. It was the worst day for the Dow since October 22, 2008.

The S&P 500 is down 60, or 4.8 percent, to 1,200. The Nasdaq is down 137, or 5.1 percent, to 2,556.

Twenty stocks fell for every one that rose on the New York Stock Exchange. Volume was very heavy at 7.5 billion shares.

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