Fear and panic of historic proportions overwhelmed the stock market Monday, forcing the Dow Jones industrial average to a stunning decline of 508 points, by far the biggest one-day plunge in history.
The Dow Jones average lost almost a quarter of its value, nearly doubling the percentage drop that occurred on Oct. 28, 1929, the crash that preceded the Great Depression. With Monday’s fall, the Dow has lost half the ground it had gained since the bull market got under way on Aug. 12, 1982, when the Dow stood at a mere 776.92.
The collapse came on dizzying trading volume of 604.4 million shares on the New York Stock Exchange, nearly double the previous record of 338.5 million shares, set last Friday.
No comments:
Post a Comment