Wednesday, October 15, 2008

Dow drops 733

The Dow dropped 8% today.

The Dow Jones industrials fell more than 700 points today, its second-largest point loss ever, as stocks were slammed by growing economic worries and disappointing reports on retail sales and manufacturing.

The gloom on Wall Street deepened this afternoon when the Federal Reserve's Beige Book report, an anecdotal look at the economy, painted a picture of weakening business across the country, with almost all sectors falling back.

The economic worries also weighed on crude oil, which fell below $75 a barrel for the first time since August 2007. Energy stocks slumped in response.

At the close, the Dow was down 733 points, or 7.9%, to 8,578, according to a preliminary tally. The Standard & Poor's 500 Index tumbled 90 points, or 9%, to 908, and the Nasdaq Composite Index dropped 151 points, or 8.5%, to 1,628.

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