VIKEN Z KOKOZIAN: Dow drops 520 points, wiping out Tuesday's gains -----------------Aug-10-2011--

Wednesday, August 10, 2011

Dow drops 520 points, wiping out Tuesday's gains -----------------Aug-10-2011--

Dow drops 520 points,

wiping out Tuesday's gains

Aug-10-2011--Wall Street reversed Tuesday's dramatic rebound and plunged further into the red Wednesday as investor worries over the European debt crisis spilled over into concerns about the health of the global banking system.

The Dow Jones industrial average ended the day down 520 points, or 4.62 percent, putting the blue-chip index back down below the 11,000 level and closing at its lowest level since September 2010.

The Standard & Poor’s 500, a broader market measure, ended the day down 52 points, or 4.42 percent, while the Nasdaq, a more tech-heavy index, was down 101 points, or 4.09 percent.

Markets initially fell when the Fed released its gloomy statement but recovered before Tuesday’s closing bell, breaking a recent string of daily losses.

VIKEN Z KOKOZIAN