Dow average plunges 513, worst drop since 2008

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Submitted: Thu, 08/04/2011 - 8:23pm
Updated: Fri, 08/05/2011 - 12:04am

AP Business Writer

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.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


  • SurfCityTom says:

    for any that are currently available.

    BUT, they would have to show a true physical or mental need; they would be subject to random blood tests for drugs; and there would be a 2 year time limit.

    Even Clinton proposed a 2 year time limit when he was elected and he could not get those Democratic bubbleheads to see the light.

  • Guestax says:

    …hope and change working for ya? They (politicians)spent all of our money, borrowed all they could get, spent that and are now asking for us to sacrafice more to keep them spending like drunken sailors. Don’t ya think it’s time for people besides Ds or Rs to run things?

  • Guest461 says:

    Quit talkin’, start walkin’! You may be able to start something!

  • William Smith says:

    let’s band together and take OUR country back!! The time has come!!

  • Getting poorer by the day says:

    Lets go down the list
    1. Companies drop retirement plans
    2. 401k Plans suck
    3. NO JOBS
    4. Goverment going to take Social Security away

    But wait it is tax free weekend go out and spend the money you dont have.

    I have an idea instead of bailing out big banks and big corporations lets just wipe everybody debt clean this has to be cheaper. It is ashame that we let out so called goverment steal from the people of this country. If I go rob a bank I will go to jail but if the goverment robs from me it is ok. I think we need to rise up like other countries and tell the goverment enough is enough

  • Ewiak Ryszard says:

    This crisis is no accident. Before us is the economic and political earthquake. The Bible says: “At the time appointed he [the king of the north = Russia] will return back.” (Daniel 11:29a) It also means the disintegration of the European Union and NATO.

  • WilmingtonMAJ says:

    Thanks Nostradamus

  • Commonsensenotcommontoday says:

    The Warsaw Pact folded and collapsed when the Soviet Union fell. Why do we still have the North Atlantic Treaty Organization, which was formed up to counter Soviet expansion?

    We pump billions into NATO every year. Why? So we can coerce Denmark and The Netherlands to send a few hundred troops to Afghanistan and make it look like a group effort? The NORTH ATLANTIC Treaty Organization has a compelling interest in Afghanistan?

    All we have done by maintaining and expanding NATO is to worsen our relations with Russia by recruiting most of the buffer nations that were the whole purpose of the Warsaw Pact. (After Napoleon and Hitler, NO ONE was ever going to invade Russia again!)

    There was a valid need for NATO from the Forties through the Eighties. When the Warsaw Pact collapsed, NATO should have been disbanded. By virtue of geography, Russia is a land power and the United States is a sea power. We pose no threat to each other other than the ridiculous problems we each create. In all honesty, one of the reasons Russia isn’t too wild about us right now is that we have treated them with no respect whatsoever since the Soviet Union collapsed.

    BTW, the disintegration of the EU would be a blessing for mankind.

  • SurfCityTom says:

    let’s do like the Marxist Cubans did in 1960. Nationalize all foriegn owned businesses and repudiate all foriegn debt.

    And while we’re at it bring all our troops home and station them on the Mexican and Canadian border and institute some tough visa requirements to enter our country.

    And add to that strict immigration enforcement. Mirror Mexico; treat illegal immigrants in our country in the same manner that Mexico treats them in Mexico. What could be more fair?

    If we really want to get serious lets also abandon Medicaid, free cell phones, Section 8 housing, and food stamps.

    Clean the slate and let entitlement seekers apply anew.

  • Guest005 says:

    What entitlements would suggest they apply for if you abandon everything?

  • taxpayer says:

    the day you fools elected Obama as President. How’s that “Hope and Change” thing working for you now? Is the “change” you “hoped” for? If you’re part of the 50% of Americans who pay no income tax, I’m sure it is.

  • WilmingtonMAJ says:

    I look at it this way…as a person who paid over $150,000 in income tax last year, I can’t say I enjoy paying taxes. However, I also realize that in no other country in the world would I have had the opportunity to make the amount of money I make each year which requires me to pay back to the society that allowed for that. I live a fairly privileged life and I realize there is a cost for that life. Furthermore, considering two major pieces of legislation that I hugely support have passed during Obama’s tenure…I feel pretty good about voting for him. Your free to have your opinion taxpayer, but just realize that there are others out there too.

  • Guest55 says:

    The problem is Obama hasn’t changed anything. He’s doing the same things Bush did with the exception of “Obamacare”.

  • Commonsensenotcommontoday says:

    ….that you paid in $150k, while 48% of American citizens paid NO income tax at all, and in many cases got some of your money for doing nothing but filing their return? (EIC)

    Are YOU one of the societal leeches sucking the coffers dry? Of course not. But the people you support have absolutely no hesitation in taking that money from you and using it to shield people from the reality of poverty, many times a poverty of their own creation.

    BTW, no society “allowed” for your success. You did it yourself, and you would have risen to the top in any society on Earth. So what did you take from this society that you feel you have to “pay back?”

    Don’t buy the liberal rhetoric – you owe nothing more than any other citizen owes this country! You (and I) are simply carrying the load for deadbeats who contribute NOTHING.

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