NEW YORK – The stock market swooned again today in late-day trading. The Dow Jones industrial average lost nearly 679 points to close at 8,579.
The Dow and the S&P 500 both declined by about 7% on Thursday, while the NASDAQ lost 5.5%.
Traders attributed the sharp drop to concerns about the credit markets, a slowdown in consumer spending, worries about the economy and the financial sector.
Thursday's decline came despite a coordinated effort by central banks around the world to lower benchmark lending rates.
Some analysts took comfort from the report that the Treasury is considering taking ownership stakes in U.S. banks, similar to the strategy adopted by the British government yesterday. But others dismissed that as old news and said it did not play a role in today's market.
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