Dow Plunges 420 Points: Acadiana Business Index
Mark Lasseigne tells you about an awful day on Wall Street, which fell sharply again upon growing fears of a global recession.
- Dow Jones Industrial Average plunged 420 points to 10,991.
- Broader markets also sank. The Nasdaq Composite dropped 131 points while the S&P 500 fell 53.
- It was a flight to safety again, as investors piled into gold, which closed at a new record $1,822 a troy ounce.
In the Treasury market, the yield on the benchmark 10-year note briefly dipped below 2% in intraday trading for the first time since at least 1954.
The U.S. markets followed sharp losses in Europe and Asia. European banks led the declines, in part after The Wall Street Journal reported that federal and state regulators were intensifying their scrutiny of the U.S. arms of Europe's biggest banks, worrying about spillover from Europe's debt crisis into the U.S. banking system.
All 10 sectors of the S&P 500 were lower, with 99% of the 500 component stocks falling.Crude oil tumbled almost 6% closing at $81.86 a barrel.