Friday, August 5, 2011

[news] Stock market drops 513 points, OC reacts

The Dow Jones industrial average fell 513 points today amid renewed fears about a possible double-dip recession, the U.S. deficit and Europe continues to debt problems.

The S & P 500 fell 60 points to 1,200. The Nasdaq fell 137 points to 2,556.

It was the worst day for the market since October 2008 when the stock sank as the expansion of the mortgage problems triggered the banking crisis.

"The mood right now is bleak," said Mike Ryan, the New York-based chief investment strategist at UBS Wealth Management Americas Bloomberg. "The burden of proof is to improve the data showing that the economy is falling into a withdrawal."

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