Dow Takes 512 Point Plummet
The Dow Jones industrial average plunged 512 points today, making it the worst drop since February 2009.
A mixture of sustained uncertainty on the economy, sluggish unemployment figures, financial crisis fears in other countries and the threat of another recession here in the United States caused the Dow to free fall, media reports said.
The New York Times said the stock market is now officially in correction mode, which is defined as a drop of 10% to 20% since the latest peak. Some investment strategists warned there could be a few more weeks to go before the market bottoms out.