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Dow: Biggest two-day point drop since financial crisis
S&P 500, DOW see biggest weekly losses in nearly 4 years
from Market Watch:
U.S. stocks plunged Friday, capping a week of carnage that sent the Dow Jones Industrial Average into correction territory as fears about China’s economy and global growth spurred heavy selling.
The main indexes posted massive one-day selloffs and their biggest weekly declines in nearly four years.
“Today’s markets are driven by fear, with a lot of momentum shares seeing a retracement,” said Myles Clouston, senior director at Nasdaq Advisory Services.
The Dow Jones Industrial Average DJIA, -3.12% plummeted 530.94 points, or 3.1%, to close at 16,459.75, leaving the blue-chip index down more than 10% from its record close in May, meeting the widely used definition of a correction. The index dropped 5.8% on a weekly basis, the steepest decline since September 2011.
