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Dow Plunges Below 8,000
Posted By admin On October 10, 2008 @ 10:54 am In Economic Crisis | Comments Disabled
October 10, 2008
NEW YORK – Wall Street extended its devastating losses Friday, but prices swung sharply as investors scooped up shares decimated by more than a week of intense and panicked selling. The Dow Jones industrials fell nearly 700 points to break through 8,000 in the opening minutes of trading, recovered to an advance of more than 100 before turning lower again, and the other major indexes fluctuated sharply as well.
Frozen credit markets and a loss of confidence in the world’s financial system have caused the Dow to drop 21 percent in just 10 trading days. The blue chip index tumbled 678 points Thursday, and is heading to its worst weekly point drop, and one of its biggest weekly percentage drops, since being created 112 years ago.
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