Friday, August 5, 2011

Dow Falls 512 Points-Steepest Decline Since '08

Dow falls 512 in steepest decline since '08 crisis

Worst day for Wall Street since 2008 crisis: Dow falls 512 and investors flee for safety

NEW YORK (AP) -- Gripped by fear of a new recession, Wall Street suffered its worst day Thursday since the financial crisis in the fall of 2008. The firestorm of selling that erased more than 500 points off the Dow Jones industrial average then spread overseas.

The sell-off wiped out the Dow's remaining gains for 2011. It put the Dow and broader stock indexes into what investors call a correction -- down 10 percent from their highs in the spring.

In Friday trading in Asia, Japan's benchmark Nikkei 225 stock average was down more than 3 percent and Hong Kong's Hang Seng shed 4 percent.

"We are continuing to be bombarded by worries about the global economy," said Bill Stone, the chief investment strategist for PNC Financial.

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